This evening Winston Smiling and Gulab Sharma scored a major victory in the Supreme Court. Justice Samuel Awich granted Smiling and Sharma leave to seek juridical review of the July 10th election of board of directors in which Smiling finished dead last. Awich also granted an injunction blocking the new board of directors of the Corozal Free Zone from operating. So as of tonight, the Free Zone's board of directors will revert to the way it was prior to July 9th. How will it affect the zone? CEO Joel Cervantes told us late this evening.
Joel Cervantes, CEO of Corozal Free Zone
"Well nothing will change. It is status quo as the way it was prior to July 10th. The Free Zone investor confidence should be there and the old board will be acting until future a due. The management remains and the Chief Executive Officer myself continues to manage the zone and we will continue. I will follow whatever the Board decides and I will execute their decisions in accordance to the board and the Minister."
Keith Swift,
This can't be good news for the Board though.
Joel Cervantes,
"Well it was clear, it is a permission for judicial review and the judge was clear on that and he ended off, if you recall, stating that this does not necessarily mean that the applicants will be successful in their final review."
Though he didn't say it in the interview, Cervantes told us that while Smiling will regain his seat on the board, he will be there as a regular director. The Chairman remains Florencio Marin. Smiling was the acting Chairman because Marin was out of the country. Marin is due back tomorrow.
In his decision, which took about ten minutes to read, Awich stressed that his ruling doesn't mean that Smiling and Sharma will be successful. He said the decision is simply means that there might be some merit to the complaint by Smiling and Sharma. The judicial review should begin on September 16th. Lois Young represented the Corozal Free Zone while Fred Lumor represented Smiling and Sharma.
There are now two possible options that the Ministry responsible for the free zones take. The first is to recognize the Corozal Free Zone Chamber of Commerce who will have to ability to nominate 4 representatives to the board or the decision to call new elections. Indications to 7NEWS is that the first option will be given first consideration.
