Chief Justices rules that Receiver did not act improperly.
An attempt by local hoteliers CARA Investments to have the court rule that a Receiver acted improperly was yesterday rejected by the Chief Justice. The Cara Investments/Hotels took Receiver and Prominent Accountant Christopher Ram and the Scotia bank to court over a decade ago for what they called a breach of contract and improper conduct among other things. The case stemmed from CARA’s bid to takeover and run the Hotel Tower that was in receivership at the time.
Chief Justice Ian Chang ruled that the case was not at all concerned with an invitation to tender by a public authority but by the Receiver of a private commercial bank whose duty was to act not in the public interest but rather in the interest of the private bank as the debentures holder. Justice Chang indicated that the court was unable to discern or imply from the evidence any misrepresentation on the part of the Receiver (Mr. Ram) that he would have at least considered the tenders fairly before rejecting any.
Accordingly, the Chief Justice dismissed the action against Ram and Scotiabank and awarded damages in the amount of 75,000 dollars in favor of each of the two defendants. Ram was represented by Senior Counsel Edward Luckhoo, while Senior Counsel Rex McKay, and Robin Stoby and attorney Bettina Glasford represented Scotiabank. Attorney Sanjeev Datadin appeared for Cara Investments