MIAMI-DADE Circuit Court judge Reemberto Diaz has entered final judgment for US$131,318,840.47 – an estimated TT$1 billion – to be paid to the Government by former minister Brian Kuei Tung and businessmen Steve Ferguson and Raul Gutierrez Jr over criminal conduct linked to the construction of the Piarco Airport development project almost three decades ago.
“The final judgment amount in favour of plaintiff against defendants Steve Ferguson, Brian Kuei Tung, and Raul Gutierrez, Jr is joint and several,” Diaz’s order reads.
“The final judgment amount shall continue to bear interest at 6.58 per cent commencing on the day following entry of this final judgment, through and including the date on which defendants Steve Ferguson, Brian Kuei Tung, and Raul Gutierrez, Jr satisfy the final judgment amount."
The interest rate will be adjusted annually “in accordance with the interest rate in effect on January 1 of each year as set by the chief financial officer until the judgment is paid,” the three-page document says.
The judge’s order is that the three are to pay US$97,157,964, which constitutes treble damages of the jury verdict amount of US$32,385,988, plus US$38,792,567.72 prejudgment interest on the jury verdict amount.
[caption id="attachment_1016278" align="aligncenter" width="500"] Former government minister Brian Kuei Tung. -[/caption]
These sums are minus US$4,631,691.25, which constitutes a setoff from paid settlements and restitution from former defendants in the matter.
Rural Development and Local Government Minister Faris Al-Rawi, who took over the Miami case ten years ago and retained it when Attorney General Reginald Armour, SC, was disqualified from representing TT in the case earlier this year, held a media conference to announce the judge’s entering of the final judgment.
He said in a matter of days, the State will begin enforcement proceedings, once the three defendants declare their assets, as they are required to do under US law, which will be traced.
“We are on track to recovery.”
Al-Rawi said the recovery of the restitution owed to TT would run separately from any appeal the three chose to lodge.
The three have 30 days from Monday to file an appeal and will be required to post a bond for the full amount awarded by the jury, along with two years' worth of interest, if they choose to challenge the recovery process.
[caption id="attachment_1016280" align="alignnone" width="992"] Former Attorney General Faris Al-Rawi. -[/caption]
Al-Rawi said the US court heard evidence of guilt and actual confessions from former defendants, some of whom have already paid restitution and served time in federal prisons in the US when they pleaded guilty to their roles in the fraud conspiracy.
“After 19 years of litigation, there is final judgment,” Al-Rawi said. “Congratulations to the people of TT.”
On April 28, Diaz dismissed the motions by Kuei Tung and the others who challenged the multi-million-dollar verdicts against them. The three had asked for the jury’s verdict of March 29 to be set
