Dayal backs down from taking Central Bank to court

Pastor Vinworth Anthony Dayal declares Satan is trying to bring him and his church down during a service on Friday night at the Third Exodus Assembly church in Longdenville, Chaguanas. -
Pastor Vinworth Anthony Dayal declares Satan is trying to bring him and his church down during a service on Friday night at the Third Exodus Assembly church in Longdenville, Chaguanas. -

Pastor Vinworth Dayal, who is under investigation after trying to change more than $28 million in cotton $100 bills, has backed down from taking Central Bank to the Supreme Court in an effort to force it to change the bills.

However Dayal, head of the Third Exodus Assembly located on Depot Road Londenville, did so on condition that any questions he was required to answer should be given to him in writing.

A letter from lawyers representing Central Bank said a letter dated December 30, 2019, which was e-mailed to the manager of the Central Bank’s Anti Money-Laundering Unit, Ms Rahamatula, indicated that Dayal would defer his intended move to apply to a judge for an order which would give him judicial relief for the redemption of the bills.

The letter also said the pastor would meet with officials at Central Bank and provide further documentation, which the Central Bank had asked for, but he would not be interviewed. He asked for any questions be given to him in writing.

This was recounted in a letter to Dayal’s lawyers on December 31.

In a letter sent to Central Bank on December 29, Dayal's attorneys pointed out he tried to have the bills changed on December 23 at First Citizens' Bank, which referred him to the Central Bank. When he contacted the Central Bank on December 24, Ms Rahamatula told him tocome in person to fill out a source-of-funds declaration.

On December 27, his attorneys went on his behalf and submitted a declaration of his funds and expressed his willingness to help the bank with any additional information required.

But Central Bank officials said "enhanced due diligence" would mean the cash would not be exchanged before or on the tentative deadline date of December 29.

Dayal's attorneys responded that he would have no choice but to seek relief via the Supreme Court.

Lawyers representing the Central Bank in the letter responded to the pastor’s decision to stay his hand, and said: “it is hoped that the parties will be able collaboratively to resolve the issues between them without the need for litigation."

They asked, if Dayal were to decide to proceed with legal action, to be notified so they could attend the hearing and be heard.

“Any such proceedings or application and the seeking of any such relief would have highly prejudicial and far reaching and disruptive consequences on the banking and financial community in TT,” the letter said.

They added the proceedings would affect TT’s commitment to comply with anti-money-laundering and financial intelligence protocols. They said this had "the potential to cause widespread confusion amongst the public of TT and to fetter unreasonably our client’s ability to carry out its statutory obligations.”

Dayal approached the bank with $28,046,500 in cotton $100 bills, on the final day of the demonetisation, which ran from December 9-31.

The pastor was asked to declare his source of funds and said through his attorneys the money was gathered from tithes collected over 19 years.

An investigation is ongoing to determine whether the money came from where he said it did.

ove to apply to a Supreme Court Judge for a mandamus which would give him judicial relief for the redemption of the bills would be deferred.

The letter also indicated that the pastor would meet with officials at Central Bank and provide further documentation, which was requested by Central Bank, but he would not be interviewed.

He however requested any questions be given to him in writing.

This was recounted in a letter to Dayal’s lawyers on December 31.

In a letter sent to Central Bank on December 29 Dayal's attorneys pointed out he made attempts to have the bills changed on December 23 at First Citizens' Bank who referred him to Central Bank. When he contacted Central Bank on December 24, Ms Rahamatula advised he come in person to fill a source of funds declaration. On December 27, his attorneys went on his behalf and submitted a declaration of his funds and expressed his willingness to help the Bank with whatever added information is necessary.

But Central Bank officials said "enhanced due diligence" would mean the cash would not be exchanged before or on the tentative deadline date of December 29.

Dayal's attorneys responded saying it would have no choice but to seek relief via the Supreme Court.

Lawyers representing Central Bank in the letter responded to the pastor’s decision to stay his hand, and said: “it is hoped that the parties will be able collaboratively to resolve the issues between them without the need for litigation.

Lawyers representing Central Bank said if he were to decide to proceed with the legal proceedings, that they be notified so they would be able to attend the hearing and be heard.

“Any such proceedings or application and the seeking of any such relief would have highly prejudicial and far reaching and disruptive consequences on the banking and financial community in TT,” the letter said.

Lawyers in the letter added the proceedings would impact TT’s commitment to comply with Anti Money Laundering and Financial Intelligence Protocols.

“(it has) the potential to cause widespread confusion amongst the public of TT and to fetter unreasonably our client’s ability to carry out its statutory obligations.”

Dayal approached Central Bank with a total of $28,046,500 in cotton $100 bills, on the final day of the demonetisation exercise which went from December 9 to December 31.

The pastor was asked to declare his source of funds and he said through his attorneys, the money was gathered from tithes collected over a 19-year period.

An investigation is ongoing to determine whether the money came from where he said it did.

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"Dayal backs down from taking Central Bank to court"

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