A BRITISH Virgin Islands (BVI) judge has unfrozen the bank accounts of the directors of Original Canopy Tours Enterprises Ltd, a statement from the directors said on Thursday.
In November, the Tobago House of Assembly (THA) received two freezing orders against OCT directors Richard Graham and Darren Hreniuk in Trinidad and another in the BVI, where the company is based. The two freezing orders mirrored each other.
The freezing orders were sought by the THA ahead of its lawsuit for US$416,900 for alleged breach of contract in the 1.5 kilometre zipline project planned for the Main Ridge Forest Reserve.
In the release, Hreniuk said the unfreezing of the accounts of the directors and the company in the BVI court was a “serious blow” against the THA.
The release also said he and Graham were “relieved” by the ruling.
“The pair of OCT directors, Richard Graham and Darren Hreniuk, are relieved that courts were able to unfreeze their accounts after the THA through its lawyers, Alexander Jeremie & Co claimed that the company acted fraudulently in its dealings with THA zipline project.”
The release said Justice Tana’ania Small Davis, KC, in the Eastern Caribbean Supreme Court’s commercial division for the High Court of the BVI lifted the freeze order last Tuesday, “after she found no basis to continue the freeze based on the arguments put forward by the THA’s legal team.
The BVI law firm of Harney Westwood & Riegels (HWR) was retained by Alexander Jeremie & Co on behalf of the THA, the release said.
Hreniuk said in the release the unfreezing of the accounts came on the heels of THA Chief Secretary Farley Augustine and Jeremie’s claim that the zipline company was a “ghost” company as their searches in the BVI, where the company is registered, came up empty-handed.
The release also said, “We are happy that the truth is coming to light in this matter and we also intend to fully clear our name in the Trinidad and Tobago courts.
“We have been operating for more than 20 years with over 35 projects in 15 countries. It was the THA that sought us out. I don’t wish to say anymore as these proceedings are set to be heard by the TT courts,” said Hreniuk, who was described as the director at the design-build company and inventor of the self-equalising dual-line safety system using synthetic cables which are patented in several countries.
The THA was ordered to pay the costs in the BVI court.
The freezing orders in both TT and the BVI initially restrained the two directors from directly or indirectly removing from TT, the BVI, and the US assets held in a First Citizens Bank account in Scarborough and in a first Caribbean International Bank account in Tortola, up to US$500,000, which is the value of the THA’s claim.
The two are expected to approach the courts in TT to have the second freeze order, granted by Justice Kevin Ramcharan on November 5, lifted as well.
The order in the BVI allowed the two to spend US$5,000 each week towards their living expenses and US$170,000 to defend the proceedings in
