Former owner of Marpin Telecoms and Broadcasting Limited fined millions

first_imgLocalNews Former owner of Marpin Telecoms and Broadcasting Limited fined millions by: – March 12, 2012 92 Views   no discussions Share Sharing is caring! Photo credit: dominicacentral.comRonald Abraham, the man who formed Marpin Telecoms and Broadcasting Limited has been ordered to pay close to 17 million dollars to a Court ordered liquidator Chattered Accountant Kieron Pinard Byrne.Eastern Caribbean Supreme Court Judge Brian Cottle who made that ruling said his decision came as a result of several factors.One of the reasons he noted was that Abraham failed to participate meaningfully in the trail hence all the evidence of the liquidator and the other witnesses on his behalf remained unchallenged.“In these circumstances, this court finds for the Liquidator and ruled that the Respondent [Ron Abraham] has been partly to knowingly carrying on the business of Marpin Telecoms and Broadcasting Company Ltd with reckless disregard of the Company’s obligation to pay its debts and is personally responsible for the debts and other liabilities of the company amounting $16, 261,810.76” to the Liquidator.He ruled that Abraham acted in breach of trust in relation to the company by applying to his personal use $971,981.65 being the property of the company and that he should pay that sum.Abraham, Cottle ruled, “shall also pay the cost of his application in the sum of $10,000”.According to the ruling, the appointed Liquidator swore two affidavits. “He deposed that the Respondent has personally benefited from breach of fiduciary duty or breach of trust in the amount of $971,918.65. Under the management of the Respondent the Company amassed debts of $16,261,810.76. The true level of the company’s indebtedness was not apparent to the Board of Directors. It was the responsibility of the Respondent to maintain the integrity of the Company’s internal financial record and controls,” the judge further stated in his ruling.The liquidator in this affidavit swears that the Respondent “misrepresented the financial position and viability of the company” to such an extent that the Auditors report to the shareholders indicated that the financial statements did not represent fairly the financial position of the Company as at December 31st 2000”.Abraham reports however that he was never “summoned” to attend Court proceedings and has filed a motion to set aside Cottle’s ruling through his attorney Lennox Lawrence.Dominica Vibes Newscenter_img Tweet Share Sharelast_img

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