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The Court of Appeal has upheld a ruling that four mortgages and a debenture issued between Super Industrial Services Ltd (SIS) to a company described as being without assets existing only on paper, were created to hinder, delay, or defraud NGC and should be set aside.

In a written ruling on December 2, Justices of Appeal Prakash Moosai, Chamaine Pemberton and Mira Dean-Armorer dismissed an appeal by SIS and RainForest Resorts Ltd against the National Gas Company Ltd’s bid to have the financial instruments set aside.

In 2020, Justice Joan Charles initially upheld an NGC lawsuit challenging the series of mortgages and a debenture involving SIS and Rainforest Resorts. NGC alleged that SIS encumbered its assets—in $330 million internal loans—to frustrate potential recovery if NGC succeeded at arbitration over the controversial Beetham Water Recycling Plant, a US$162 million project awarded to SIS in 2014 and terminated by NGC in December 2015. NGC sought recovery of approximately $8.47 million plus US$59.17 million.