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The High Court has ordered a former employee and several companies to pay more than $40 million in damages, interest and costs to Ansa Bank Ltd, following findings that fraudulent loans were approved and processed through a conspiracy.

Justice Frank Seepersad made the order as he provided his assessment of damages in favour of Ansa Bank on December 15.

On November 20, the judge found that a former business development officer of the bank breached his contractual and fiduciary duties, and conspired with roll-on/roll-off car dealers, to defraud the financial institution of $30 million during a two-and-a-half-year loan scheme.