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Sandals "has nothing to hide" in relation to a US investigation into its Turks & Caicos operations, confirmation of the probe coming in a lawsuit alleging some $1.65 million of the resort chain's funds were improperly transferred through the Bahamas for the seeming benefit of disgraced former premier, Michael Missick.
According to an article by Tribune Business Editor, Neil Hartnell, the action, filed on June 30 this year, is alleging that Dr Jeffrey Pyne, a former Sandals Resorts International 2000 director, and the group's ex-treasurer and "governmental liaison officer", "breached his fiduciary duty" and employment contract by causing the Bahamian company and another Sandals entity to make a series of seven purportedly unauthorised wire transfers to three Turks & Caicos-based companies between March 3, 2005, and October 26, 2006.
"It is correct to state that there is an investigation ongoing by the United States authorities into Sandals' affairs in the Turks & Caicos," Mr Singh conceded. "However, Sandals has nothing to hide in relation to the same, and is fully cooperating with the United States authorities to resolve this matter.
"This investigation does not change the fact that Dr Pyne breached his fiduciary and contractual duties to (Sandals Resorts International 2000) in improperly authorising the transfer of $1.65 million to Chalmers & Com, Prestigious Properties and Misick & Stanbrook."
cont...@ http://www.chatychaty.com/index.php/...-over-us-probe
According to an article by Tribune Business Editor, Neil Hartnell, the action, filed on June 30 this year, is alleging that Dr Jeffrey Pyne, a former Sandals Resorts International 2000 director, and the group's ex-treasurer and "governmental liaison officer", "breached his fiduciary duty" and employment contract by causing the Bahamian company and another Sandals entity to make a series of seven purportedly unauthorised wire transfers to three Turks & Caicos-based companies between March 3, 2005, and October 26, 2006.
"It is correct to state that there is an investigation ongoing by the United States authorities into Sandals' affairs in the Turks & Caicos," Mr Singh conceded. "However, Sandals has nothing to hide in relation to the same, and is fully cooperating with the United States authorities to resolve this matter.
"This investigation does not change the fact that Dr Pyne breached his fiduciary and contractual duties to (Sandals Resorts International 2000) in improperly authorising the transfer of $1.65 million to Chalmers & Com, Prestigious Properties and Misick & Stanbrook."
cont...@ http://www.chatychaty.com/index.php/...-over-us-probe
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