ATL FRAUD CASE: Pension Fund trial resumes today
The billion-dollar Appliance Traders Limited (ATL) Pension Fund fraud trial resumes today following a two-week break.
Three former executives are on trial for allocating more than $1.7 billion to members of the scheme without the approval of the parent company Gorstew and for using four forged letters to justify the allocation.
They are former chairman of the pension fund, Patrick Lynch and the former general manager of the scheme Catherine Barber, along with former managing director of Gorstew, Dr Jeffrey Pyne.
The trial started in the Corporate Area Resident Magistrate’s Court on April 29.
At the last hearing on June 5, the Chief Financial Officer for the ATL Group, David Davies, gave evidence that between 1998 and 2010 several member companies owed the group's pension scheme millions of dollars that was collected from employees.
However, Davies said he did not know if any of these companies were still indebted to the scheme.
Resident Magistrate, Lorna Shelly-Williams is presiding at the trial.
FOR MORE STORIES WATCH: