Former government minister Jack Warner has 120 days to raise to $3.7 million or sell three of apartments at his Emerald Plaza Hotel at St Augustine to settle an outstanding judgment debt.
Warner agreed to those terms after Docs Engineering Works Ltd filed a judgment summons for the court to order Warner to sell Emerald Plaza and use the money to settle the debt.
In 2011, Le Sportel Ltd, a company owned by Warner, was ordered to pay Docs Engineering $7.5 million for breach of contract. Docs Engineering was contracted by Le Sportel to construct the Emerald Plaza, but in January 2001, Le Sportel terminated the contract.
Warner appealed the judgment. The $3.7 million represents costs owed to Docs Engineering.
Yesterday, the parties entered into a consent order before Justice Frank Seepersad in the San Fernando Civil Court. Warner agreed to sell the apartments at a cost of $5 million if he fails to raise the money in 120 days.
This comes less than two weeks after Warner was ordered to pay $1.5 million to businessman Krishna Lalla in another civil matter in the High Court. Lalla, the founder of Super Industrial Services, said the money was a loan, but Warner claimed the money was to finance the UNC party election campaign.
Source: www.guardian.co.tt (Sascha Wilson)