GEORGETOWN, Guyana (CMC) — Eight directors with the Guyana Bank For Trade Industry were released when they appeared in Court on Monday.

They are all charged with failing to comply with an order of the High Court, in relation to providing information about the movement of US$500 million in the account of the Guyana Rice Development Board.

Attorney Nigel Hughes who represented the eight accused – Chairman Robin Stoby and Directors, Edward A Beharry, Suresh Beharry, Kathryn Eytle-McLean, Richard Isava, Carlton James, Basil Mahadeo and acting Chief Executive Officer Shaleeza Shaw, said the stance taken by the court was nothing more than an abuse of prosecutorial power.

The accused denied the allegation which stated that on the 7th of September, they failed to comply with a Court order made by the Chief Justice.

According to Hughes, his clients were following the Court order and were last Friday granted an extension by the Chief Justice to turn over all the relevant information to the Special Organised Crime Unit (SOCU).

SOCU recently launched an investigation into tracking down over US$500M that the Guyana Rice Development Board (GRDB) handled as far back as 2010.

During the investigation, GBTI and SOCU battled over information concerning the GRDB accounts. SOCU believes the documents could possibly point to major fraud taking place at the GRDB under the previous government.