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A Titantic Blow For GOB Excesses
posted (January 21, 2016)
Today the judgement passed down on the 15th of January as it relates to compensation to Titan's security was finalized- and the judgement has left GOB with a hefty tab for recklessly following US dictates. How hefty? Well, the total in damages amounts to just under $9 million dollars!

In September 2014 Titan's Securities, which operated at the Matalon building in Coney Drive, was raided by the FIU along with Government officials based on a massive US indictment for Securities fraud. Well the owners of Titan securities took the Government and the FIU to court to fight a constitutional claim. They submitted that their rights were breached in the manner in which their documents, computers, and information were seized.

At the end of the session the court concluded that Titan is entitled to be granted redress for breach of its constitutional rights. Titan's attorneys submitted that the market value of the company as it were on the 9th of September was some US $22 million dollars. They asked for this in compensation with an additional $100 thousand dollars of vindicatory damages. In his assessment the judge determined that the estimated financial value of Titan's business was "significantly over estimated." As a result Titan was only given 20% of their original request which bringing the number down to US $4,460,00 - or 8.92 million Belize dollars. In addition to this the government will have to pay for two of Titan's attorneys. In his final ruling the judge ordered that the defendants disclose the location of any and all records, correspondences and computers, and any information taken from Titan's and deliver them to Titan on or before the close of business on the 20th of February 2016- exactly one month from now.

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