At time of reporting (2021), there was an investigation/prosecution related to this case in the country of origin (Trinidad and Tobago) and country of asset location (UAE).
Attempts were being made to get confirmation as to the status of this matter in both jurisdictions.
Trinidad and Tobago was also the country that initiated legal action to recover proceeds of corruption. Legal action was initiated by the victim company, which is based in Trinidad and Tobago, via its own attorneys in Dubai.
At time of reporting (2021), asset were not yet returned but amount to $3,725,000 (less $57,000 already withdrawn) USD.
The manner of asset transfer was a direct wire transfer to a bank in Dubai via a correspondent bank in New York from the victim company's bank account in Trinidad and Tobago.
The action initiating the asset freeze/seizure was a request made by the Central Bank of Trinidad and Tobago in a letter to the Central Bank of the UAE requesting help in recovering the money transfer.
The legal process to recover the assets was initiated by the actions of the Central Bank in the UAE requesting that the commercial bank in Abu Dhabi freeze the remaining amount of the transfer that had been credited in the beneficiary account in Dubai.
Specific factors that helped make the asset return possible in this case was that originally, private counsel retained by the victim state owned company were used to try to help make the asset return possible. However, at present it is not clear whether this is the preferred route since the Central Authority Unit has not received any request for mutual legal assistance for same from the domestic law enforcement agency which investigated this matter nor from the Office of the Director of Public Prosecutions, as would be the normal established procedure. A request from the Dubai Public Prosecution service for information from the investigators was received in October 2012 and executed in January 2013.
The CAU however has been making several attempts to communicate with the Dubai Public Prosecution office to determine the way forward to facilitate the transfer of these assets in light of the involvement of the private counsel retained by the victim company in Dubai to secure such a transfer. The CAU stands ready to act once it receives confirmation of the status of this matter in Dubai, together with the necessary information setting out the court orders freezing and confiscating these assets, and of course an appropriate request for mutual legal assistance by the relevant law enforcement agency or public prosecutors office (Last updated in 2021).
The agreement for returned assets was a request was made by the victim companies attorneys that the Dubai Public Prosecutors hand over the money. The victim company is a state owned company.
At time of reporting (2021), the Central Authority Unit (CAU) of the Office the Attorney General and Ministry of Legal Affairs of Trinidad and Tobago is trying to arrange with the Dubai Public Prosecuting authority the most appropriate method of transmitting the assets back to Trinidad and Tobago.