Barbara Gayle, Staff Reporter

Former directors of the Blaise financial entities, Kingston businessman Donald Panton and his wife Janet who were charged 10 years ago with defrauding the financial entities of $600 million were freed yesterday.

Former auditor of Blaise, Edwin Douglas and the Blaise Merchant Bank were charged jointly with the Pantons and the charges were also withdrawn against them.

They were freed yesterday in the Corporate Area Resident Magistrate's Court when Deputy Director of Public Prosecutions Donald Bryan told Resident Magistrate Martin Gayle that the Director of Public Prosecutions had decided not to prosecute them. No order was made against them.

Former chairman of the Blaise Merchant Bank, Winston Dwyer was summoned to court in 1996 in respect of the charges which were laid against the bank.

The accused were charged arising from the collapse of the Blaise financial entities in 1994. The Government through FINSAC had to pay out more than $600 million to depositors.

Out-of-court settlement

The government-owned Financial Institutions Services sued the Pantons and their companies for $2 billion arising from unsecured loans which were made to the companies. An out-of-court settlement was reached this year.

Attorney-at-law Jacqueline Samuels Brown, one of the defence lawyers appearing in the case told The Gleaner yesterday that it could not be said that there was no effort to satisfy affected parties. Attorneys-at-law Abe Dabdoub and Walter Scott also represented the accused.

Donald Bryan, Deputy Director of Public Prosecutions, in outlining the reasons for the case being withdrawn, referred to the 10-year delay and the fact that there was a settlement in the civil suit.

The Crown had 44 witnesses. The chief witness in the case has since died as well as one of the persons who was charged. Queen's Counsel Ian Ramsay who was representing Mrs. Panton has died.