7 News Belize

Coye Money In Limbo
posted (September 20, 2012)
What would you do with over a million dollars? Plenty, right?

Well, that's just the dilemma that the Financial Intelligence Unit is facing because a million dollars - that is in the Coye Family bank account - is in limbo, and nobody can move it until the appeal case is heard for the Coye Family money laundering conviction. If you missed it, the Coye Family also can't touch any of the money.

If the Appeal Court, which has yet to decide on a date to hear the case, dismisses the money laundering appeal - and upholds the conviction - then the money is forfeited and it goes to the state. And if the conviction is over turned - well, that's a whole other story.

But in the meantime, the money is frozen in the bank, and the problem is that the Coye family still faces a 4.8 million dollar civil claim, filed in 2010, in which an international company, Internet Experts S. A., is suing Melonie Coye, Michael Coye, and Money Exchange International - all of whom were convicted in the criminal trial.

Internet Experts S. A. is a company from Panama, with its local outfit, InstaDollar, which claims to have been originated from Costa Rica.

And so, with that entire preface, the situation today in Justice Legall's courtroom is that the defence attorneys Dean Molina, and Shea-ann Ebanks came to bring an application to have the Supreme Court vary the injunction on the money to allow for the Coyes to pay their legal fees.

But the FIU is objecting, and they presented the court with their written submissions why they are doing so. Molina then addressed the court that given that they only just received the document, they needed time to prepare their response. As a result, the matter was adjourned until October 10, where a full hearing will take place on whether or not the Coyes will be allowed to withdraw some money from those frozen accounts to pay their legal fees.

And the particular legal fees that Molina and Ebanks are seeking paid are for work they did on the civil claim, earlier in the year, before the Coye Family members were sent to jail.

Today, both sides declined to comment us outside of court because the appeal case is still pending, and they told us that it would be improper to discuss cases currently before the court.

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