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National Energy Corporation of TT says it has recovered US$3.56 M in illegal wire transfer to Dubai

The National Energy Corporation of Trinidad and Tobago says it has recovered US$3.56 million dollars which was part of an illegal wire transfer to Dubai in September, 2011.

It explains that the recovery was achieved through the assistance of Dubai-based attorneys together with executives of the NEC.

NEC notes that the process required hard and concerted efforts across multiple jurisdictions to recover the stolen money in the interest of the NEC and the citizens of Trinidad and Tobago.

In a media release this afternoon, NEC said this action was a consequence of a discovery made on Monday 26th September, 2011 that its US Dollar account at First Citizen’s Bank had been debited in the amount of US$9.60 million dollars.

The company noted that there were three wire transfers from the said account that were not instructed by the NEC and the recipient banks were located in Boston, Antigua and Dubai respectively.

It added that funds illegally transferred to Antigua in the amount of US$4.6 million dollars were subsequently recovered in October 2011 as the funds had not yet reached the recipient’s bank account.

Following mediation proceedings commenced between the Boston recipient, the NEC and First Citizen’s Bank, with the parties arriving at a settlement in 2013 for the return of US$912,608.90 out of the total sum of US$1,250,217.71.

Criminal and Civil proceedings were also initiated against the recipient in Dubai by the NEC and the Dubai authorities.

In November 2014, the Dubai courts sentenced him in absentia to three years imprisonment.

Subsequently, the civil proceedings were heard and upon their successful completion, the sum of US$3,562,566.62 was returned to the NEC account on August 3rd, 2017.