FORMER PNM minister Jerry Narace has lost his claim for the full cost of a luxury Mercedes-Benz S Class vehicle or the thousands he spent to have it repaired by the dealer.

Narace, through his company Investment Managers Ltd (IML), of which he is executive chairman, filed a counterclaim after the High Court, in November 2023, granted summary judgment to Sterling Service (Battoo Bros) Ltd for recovery of $68,843.85, which it claimed IML owed for service repairs.

Sterling Service had sued IML for an unpaid repair bill, and then-High Court judge Justice Eleanor Donaldson-Honeywell granted judgment in its favour, ordering Narace’s company to pay $68,843.85 and $35,766.63 in interest, along with $13,580.36 in costs.