Businessman loses appeal in Privy Council

A clothing store owner yesterday lost his appeal against a company owned by former health minister Jerry Narace over a $1 million business transaction.

In a six-page ruling, five Privy Council judges dismissed the appeal of Andre Baptiste against Investment Managers Limited, which is jointly owned by Narace and his wife Rani Lakhan-Narace.

Baptiste appealed to the London-based court after High Court Judge Ronnie Boodoosingh and the Court of Appeal dismissed his lawsuit.

The lawsuit arose out of a deal between Baptiste's company 33rd Avenue Limited and Investment Managers Limited, struck in 2003.

Under the agreement, Baptiste's company, which he jointly owned with his then domestic partner Sharon Mc Carthy, agreed to transfer its interest in a property at St Clair Avenue and 50 per cent stake in the company, to Investment Managers Limited, in exchange for $1 million.

The property was transferred, but Baptiste and Mc Carthy refused to transfer the shares as they claimed the money was paid to their company and not directly to them.

Lord David Lloyd-Jones, who wrote the judgement, said Baptiste's contention that he was owed $1 million, in addition to the money paid under the contract, was highly improbable.

"Moreover, had this been the intention there would undoubtedly have been documentary evidence recording these payments as loans to the company," Lloyd-Jones said.

Baptiste was represented by David Rajkumar, while Colin Kangaloo represented Investment Managers Limited.