JOEL JULIEN
A High Court judge has ordered that the freezing order on the assets of Super Industrial Services Ltd (SIS) be continued, the National Gas Company (NGC) stated in a release yesterday.
On December 23 a court order was granted by the High Court in favour of the NGC against SIS which saw assets in the sum of US$180 million being frozen “until the determination of intended arbitration proceedings between NGC and SIS concerning the Beetham Water treatment Project.”
The question on the status of SIS’ assets was brought to the fore earlier this week after newspaper reports stated that they were unfrozen.
On Friday Justice Joan Charles ordered that the freezing of the assets remain in place.
Apart from the freeze remaining, “the injunction restraining Rain Forrest Resorts Limited (RFRL) from disposing of properties mortgaged to it by SIS was also continued,” NGC’s release stated.
“Additional injunctions were also granted removing Deeds of Release of mortgages of properties owned by SIS which were registered by RFRL in breach of the injunction and against SIS restraining it from in any way dealing with the properties,” it stated.
SIS and RFRL were ordered to pay NGC’s costs.
“These were confirmed in a hearing on June 10, 2016, at the High Court of Trinidad and Tobago. Neither the freezing order, the injunction nor the action have been struck out by the High Court as erroneously reported recently in the media,” the release stated.
The matter is scheduled to continue on June 21.
“NGC continues to work towards resolution of this matter. The company respects the rule of law in Trinidad and Tobago and would like to assure the public that it will continue to exercise its best efforts to ensure that the terms and spirit of the Law are observed in the interests of its shareholder, Corporation Sole, and by extension, the people of Trinidad and Tobago,” NGC stated.