In her third writ filed in less than a week, Caroline St. George, one of the daughters of the late shareholder of the Grand Bahama Port Authority, claims Edward St. George used his daughters’ trust fund to acquire his wealth?
In the latest suit, she is suing Fiduciary Management Services Limited and Sir Jack Hayward, who was her fatherﾒs partner.
Ms. St. George alleges that between 1976 and 1983, her father caused her assets to be commingled with others, and used the funds left in trust for her and her sister by their late maternal grandfather William Hill.
Indirectly, she is claiming ownership in the Port Authority, said a source close to Ms. St. George. The significance of that is that Mr. St. George’s ex-wife, Mary St. George, who was his second wife, is also claiming to be a 25 percent owner of the Port because a divorce agreement reportedly entitles her to 50 percent of her late ex-husband’s assets.
Caroline, a daughter from his first marriage, wants to ensure that she protects her interests and that of her sister and children, her attorney, Damian Gomez, has said.
Ms. St. George claims that Sir Jack is and was at all material times a constructive trustee of her funds held by Fiduciary Management Services Limited. Such a trustee is a person responsible for another personﾒs assets without any formal documents appointing them as a trustee.
Sir Jack had knowledge of the trust assets, which came under his control, Ms. St. George alleges.
She further alleges that he and her father carried on the business of conducting a bank and trust activities in The Bahamas without being duly licensed and authorized to do so under the laws of The Bahamas.
She is seeking an account and enquiry into the management of her funds since 1976, and is asking the court to order that Sir Jack and Fiduciary Management Services Limited pay the monies that are found owed to her following such an account and enquiry.
Alternatively, she is seeking damages.
Her rocky relationship with Sir Jack as of late was reflected in a recent report she made to Freeport police, claiming that her late fatherﾒs partner had threatened her, but itﾒs a claim Sir Jack quickly denied.
As mentioned, Ms. St. George has filed three lawsuits since last week Monday.
In one writ, she alleges that in October 1999, Mr. St. George and Sir Jack “unlawfully” caused the entirety of the issued share capital of Leedej Limited, which is owned by Ms. St. George, to be purportedly transferred to the Grand Bahama Development Company without paying any consideration to her.
On Monday, the attorneys filed a writ in the Supreme Court Registry in Freeport alleging that on October 19, 2000, Mr. St. George and Sir Jack “unlawfully caused the entirety of the issued share capital of Carrick Limited”, to be transferred to the Port Group Limited.
Ms. St. George, according to the lawsuit, was a 50 percent owner of the Bahamas-incorporated company, Carrick Limited, but the sole owner of Leedej Limited.
Both companies own land in The Bahamas.
The lawsuits say Mr. St. George was his daughterﾒs attorney-at-law when he approved the transactions.
As they claimed in the earlier writ, Ms. St. Georgeﾒs attorneys said in a writ filed last Tuesday that the transfer of the shares of Leedej took place without her knowledge, and was effected to her detriment and disadvantage, but to the benefit and advantage of her attorney, agent and father the late Edward St. George.
It further alleges that the transfer of Ms. St. Georgeﾒs shares was effected in breach of the fiduciary duties Mr. St. George owed his daughter.
Again, the lawsuit said the transfer of the shares was effected by “undue influence”.
Ms. St. George, a resident of Freeport, is seeking an account and enquiry of her assets allegedly being held by the Port companies.
Last week, the Port Authority issued a brief press statement confirming that it has been served with the first two writs.
It assured, “These claims do not affect the day-to-day operations of The Grand Bahama Port Authority. The Port Authority has referred the matter to its attorneys and has instructed them to respond accordingly.”
By: Candia Dames, The Bahama Journal
