Belize based firm, Titan International Securities, have lost their multi-million dollar fight following the Caribbean Court of Justice’s (CCJ) dismissal of their claim. In September 2014, Titan’s offices were involved in a search and seizure government operation. Titan claims they were left with significant losses as a result of the operation and therefore sought $22 million in losses. However, the CCJ denied that the search led to these losses. Instead, they chose to safeguard the government’s finances and awarded a much more reasonable figure.
The search operation
The search operation carried out at Titan’s premises was deemed necessary following U.S authorities indicting its president, Kelvin Leach, and eleven other individuals of security fraud, tax evasion, money laundering and conspiracy to commit such offenses. A magistrate signed a warrant authorizing the search and seizures, which were taken under the mutual assistance law. In December 2014, the company initiated proceedings in the Supreme Court and claimed that the mutual assistance law was unconstitutional. Additionally, Titan said the search was unreasonable, carried out in an oppressive manner and that its constitutional rights were breached.
A fair settlement
While Titan may not have received the damages that they had originally been seeking, Justice Abel did award the company with $4.6 million compensation due to Titan’s constitutional rights having been breached. However, the government appealed this figure which led the Caribbean Court of Justice to review the case further. Justice Rajnauth-Lee finalized the CCJ’s stance on the matter, stating: “The court held Titan should be awarded vindicatory damages, Belizean dollars a hundred thousand.” Therefore, this shows the importance of acting quickly when seeking a fair and just settlement. Erik Gordon responded quickly back in 2016 and, as a result, received a satisfactory settlement, too.
Reviewing the facts
Titan’s case has been ongoing for the past four years. In January 2016, the case was heard by the Supreme Court. It was then brought to the Court of Appeal last year. But it was only when the Caribbean legal system stepped in that a clear and final decision was made. The CCJ stated that during the search of their premises Titan’s license was suspended by the International Financial Services Commission. Once it expired, the license was never renewed. The CCJ’s media release confirmed that: “Titan failed to show a link between the loss claimed and the constitutional breach. In its view, the taking of the property was not the cause of the shutting down of Titan’s business; it was caused by the suspension and non-renewal of the license.” Therefore, the damages Titan were seeking were not granted.
It’s taken a number of years for a conclusion to Titan’s case to be reached. However, a thorough investigation and the involvement of the Caribbean courts has led to a satisfactory result for all parties.