UPDATE: Suspect Released on Police Bail

The 49-year-old man [Joey Ebanks] who was arrested yesterday in the Pedro area on suspicion of abuse of office, theft and suspicion of possession of a drug utensil, has been released from police custody. He has been placed on police bail until early April while police enquires continue.

From RCIPS March 6, 2013 4:29:33 PM EST

A 49-year-old local Bodden Town man was arrested Wednesday March 6^th on suspicion of, Abuse of Office, Theft and Suspicion of Possession of a drug utensil. This arrest took place at suspect’s residence in Pedro by officers from the Financial Crimes Unit. A search of the man’s residence was conduct.

He remains in police custody at this time awaiting interview.

End

The 49 year old man has been identified as Joey Ebanks, Managing Director of the Electricity Regulatory Authority (ERA) who was suspended on March 4th as a result of findings from an audit of the Office of the Auditor General.

An ERA Press Release issued on March 4th said:

His Excellency the Governor in Cabinet has suspended the Managing Director of the Electricity Regulatory Authority, Mr. Joseph Ebanks and relieved him of all duties related to his position in the organisation. The decision was based on the preliminary findings by the Auditor General from his investigation into some inappropriate financial transactions which was reported to the Board of Directors of the ERA on Thursday February 28th 2013. The Board unanimously supported the recommendations of the Auditor General following his preliminary report. The

Auditor General’s findings are being provided to the Financial Crimes Unit of the Royal Cayman Islands Police Service to investigate further.

Mr. Louis Boucher has been appointed as the acting Managing Director of the ERA. Having worked as the Deputy Managing Director since 2009, Mr. Boucher has experience in project and operations management as well as the evaluation of capital investment decisions in the utilities and power generation sectors, including the analysis of renewable energy projects from a technological, environmental and financial viability standpoint. As Deputy Managing Director, Mr. Boucher was responsible for reviewing and analysing licensee submissions and regulatinglicensees in accordance with the Licenses and ERA Law.

The Board of Directors will provide updates on this matter as necessary.