Trinidad and Tobago’s appeals court ruled five asset transfers from Super Industrial to Rainforest Resorts were fraudulent, voiding them to protect National Gas Company’s $26M claim.

The Court of Appeal in Trinidad and Tobago has upheld a lower court ruling that five asset transfers from Super Industrial Services to Rainforest Resorts were fraudulent, shielding assets from the National Gas Company. The court found the transfers, including mortgages and a debenture worth hundreds of millions, were sham transactions designed to hinder NGC’s claim for over $26 million in overpayments from the failed Beetham Water Recycling Plant project. The appeals by SIS and RFRL were dismissed, with the court ruling NGC qualified as a creditor due to ongoing arbitration. The transfers were declared void and expunged, and both companies plan to appeal to the UK’s Privy Council.