7 News Belize

Coye Family Money, It’s Complicated
posted (May 6, 2014)
Last night we told you about the temporary relief that the Coye family received when Justice Shona Griffith ordered that their bank accounts be unfrozen so that they could get full access to their money. Well, a few hours after that major victory, a Panamanian company, Internet Experts SA, through their local attorney, Lisa Shoman, managed to get an ex-parte injunction from the Supreme Court which restrained the Coyes from accessing their bank accounts.

It's a significant setback for the the Coyes, and today, we got a chance to speak by phone with Lisa Shoman, about why her clients believe they had to block the family at the last minute:

Lisa Shoman
"This was an injunction, an ex parte hearing that was held before Madam Justice Young and it was an application which was made on the 8th of April. When my clients saw that the Coye's were making moves to try and have their funds release the clients instructed that we go ahead and try to get an injunction because going back to 2010 there has been a claim for 4, 8 million dollars by Internet Experts which was file in November of 2010 claiming that the monies were being held among other people were owe to them by Money Exchange International Ltd. Melanie Coye and the late Michael Coye. This was all part and parcel of business that Money Exchange International was doing Internet Experts."

Daniel Ortiz
"We were told that Internet Experts SA has a local outfit called Insta Dollar?"

Lisa Shoman
"It used to operate as Insta Dollar yes."

Daniel Ortiz
"Are you able to give us a brief overview of how this money is owed to them from Melanie and Michael Coye?"

Lisa Shoman
"Well, it's a civil claim and as I say Money Exchange International Ltd. had an agreement by which they were providing Internet Experts clients with facilities for doing certain transactions and their claim is that the monies were supposed to be remitted by Money Exchange International Ltd. to their clients and it never was remitted."

So as you heard, the Panama company says that the Coyes have 4.8 million dollars belonging to Internet Experts SA, that the family did not wire out of the country back to them.

Highly placed sources tell us that representatives of Internet Experts SA approached the Financial Intelligence Unit and explained to them that they had a contract with the Coye family's company Money Exchange International Limited. Under the contract, Money Exchange would provide MoneyGram and money transfer services for Internet Experts and based on the commission, the Coyes would be paid a portion, and Internet Experts would get their portion also. The allegation is that instead of the Coyes sending money owed to Internet Experts SA, they hid it in bank accounts here in the country, and they routed money into the country using stolen identities of Belizeans.

That's where the prosecution for money laundering emerged for which Melonie Coye, Michael Coye and Money Exchange International were all convicted in the Supreme Court and then vindicated in the Appeal Court.

Attorney for the Coye Family Dickie Bradley yesterday stressed that all the money in the Coye family estate can be fully accounted for - including the $1.557 million dollars in cash which was found at the family home. Here's how he explained it:

Dickie Bradley, Attorney for the Coyes
"Every single as was argued in the criminal cases carried wrappers with stamps and dates from the various commercial banks in Belize over a period of time, so that that money was legal lawful money that was in the banks and that Mr. Coye (God rest the dead) had been taking his money out and wanted to lie down and deal with his cash as he has said from the outset. That money was not frozen. That money was an exhibit in the case. That is what misled the FIU into thinking there was money laundering because how can anybody be in a room with such a large amount of physical cash?"

Representatives of the Financial Intelligence Unit stressed to us that the prosecution of the money laundering criminal case against the Coyes was in no way done to be vindictive or to victimize the family.

The injunction granted yesterday restrains the Coyes from accessing the 600 thousand plus dollars in the bank. Additionally, the $1.557 million which was found at their home remains at the Central Bank as exhibit to the money laundering case. The injunction restrains the Government from handing it over tomorrow, at the 60-day mark when the Court of Appeal order takes effect. The injunction lasts until next week Monday when a full hearing will take place as to whether it should be extended until the civil claim can be dealt with in its entirety.

As to the 3.2 million dollars that Income Tax is claiming that the Coyes owe them, we've been reliably informed that the FIU has paid that over to the Income Tax Department, as they were legally obligated to do.

So, that's where it is tonight in the Coye finances: refrozen bank accounts, a company claiming $4.8 million from them, the Income Tax Department in possession of $3.2 million, which they must successfully challenge to get back, and $1.557 at the Central Bank under lock and key.

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