AG won't extend injunction blocking Trincity Mall sale

Attorney General John Jeremie, will not seek to extend a High Court injunction, which earlier this month, halted the $505 million sale of Trincity Mall.

In a letter to the High Court dated October 21, attorneys for the Attorney General said discussions with joint liquidators from Grant Thornton had “advanced to the point” where the matter could be fully resolved by the next hearing on October 27.

The correspondence noted that the Attorney General had been directed to file a formal injunction by October 21 but deemed further court action unnecessary following “very positive engagement” with the liquidators.

“Since the granting of the interim relief by this court, the honourable Attorney General has had very positive engagement with the liquidator regarding the issues that arise on this application.

“The parties are close to arriving at a position that will resolve this issue completely and render the filing of any interim relief application otiose,” the letter said.

“As the interim relief has been granted until October 27, the honourable Attorney General does not intend to file any application to continue the injunction beyond that date.”

The injunction, granted on October 13 by Justice Kevin Ramcharan, temporarily blocked the sale of Trincity Mall just hours before closing, after the attorney general requested an urgent order.

A criminal probe into the sale of CLF assets was ordered by Police Commissioner Allister Guevarro who directed the Anti-Corruption Investigations Bureau (ACIB) to investigate the transaction.

Following the injunction, the consortium of buyers – businessmen John Aboud and Anthony Rahael, with KallCo Ltd and Fides Ltd – moved to withdraw from the deal, citing legal uncertainty and reputational risk.

Their attorney, Melissa Inglefield, wrote on October 15, seeking a refund of the deposit and $4.75 million in related costs, warning that ongoing probes created a “material adverse change” in the transaction.

The government, CLF’s principal creditor after a $28 billion bailout between 2009 and 2012, has questioned the legality of the sale, which was reportedly priced at nearly half of a 2021 court-approved valuation.

Carlton Reis, representative of Dalco, CLF's largest shareholder, called on the liquidator to terminate pending asset sales and resign, returning control of CLF to shareholders.