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DPP tightens squeeze on Kuei Tung
In Response To: Kuei Tung's assets frozen ()

By Gail Alexander,

His local and US assets frozen, former finance minister Brian Kuei Tung must also disclose his debts, earnings from stocks and gifts of property he gave to anyone since 1996 to the Director of Public Prosecutions Geoffery Henderson.

This is among the conditions in the order of restraint granted by High Court judge Mira Dean Armorer last week.

Kuei Tung, who owns a US$1 million condominium at Turnberry Towers, Aventura in Florida with his daughter Sonja, has to place any proceeds from a sale of the property in a T&T account and notify DPP immediately.

This condition is based on the chance that there might have been an agreement for sale of the condominium before the order was granted.

Kuei Tung is on fraud charges along with 11 other people and four companies, arising out of the Piarco airport development project.

The order prevents Kuei Tung from disposing his assets which include eight accounts at four local banks, the Unit Trust and Florida financial institutions.

Properties in Maraval, Glencoe, Haleland Park, Miami and Fort Lauderdale were also frozen by a Florida court on the governmentís request.

Maritime chairman Steve Fergusonís assets were also frozen.

The order also requires Kuei Tung to relocate any other asset not frozen to T&T.

If the asset is cash or credit it must be paid to an interest-bearing account and the details must be provided to the DPP within seven days of the transaction.

The order also calls for Kuei Tung to give details of his current salary or other income and the accounts on which they are drawn or paid to.

Details of loans, mortgages, bills of sale, promissory notes, bills of exchange, bonds, Unit Trust shares, stocks and other financial instruments held in his name or jointly with a partner must also be disclosed.

Trust accounts of which he is the beneficiary and the names and addresses of the trustees are also included among the assets to be disclosed.

The following is a summary of other financial property which Kuei Tung has to pass on to the DPP:

Particulars of any debt, including the name and address of the debtor.

Details of all assets in excess of TT$10,000 received by Kuei Tung and anyone on his behalf since January 1, 1996. Names and addresses must be given.

Details of all assets transferred by him or anyone else on his behalf to others since January 1, 1996, identifying the names and addresses of all the people to whom properties were transferred.

Details of all gifts of property made by him or anyone on his behalf to anyone since January 1, 1996.

©2003-2004 Trinidad Publishing Company Limited

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Kuei Tung's assets frozen
US court freezes Kuei Tung's assets
DPP tightens squeeze on Kuei Tung
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