ATTORNEY Peter Champagnie, King’s Counsel, says Thursday’s lifting of an injunction against Hugh Croskery, former director of fraud-hit Stocks and Securities Limited (SSL), by the Supreme Court was inevitable as there should not have been one against his client in the first place.

The Financial Services Commission (FSC) had brought an injunction against Croskery and other top members of the scandal-hit firm in late January of this year, blocking them from winding up the company or liquidating its assets upon taking temporary charge of SSL’s reins following the discovery of irregularities dating back several years.

The injunction against Croskery, however, was lifted following arguments by Champagnie and attorney Neco Pagan and the FSC ordered to pay his legal fees.

“I am confirming that today by way of a decision from the Supreme Court, the ex parte injunction [court proceeding involving the applicant without the respondent present] that was originally obtained on January 29th by the FSC against Mr Croskery was discharged and there was an order for the FSC to pay legal costs,” Champagnie told the Jamaica Observer.

“The basis of it came about in circumstances where it was an ex parte application by the FSC and then subsequently, it was heard inter-partes, that is Mr Croskery was given an opportunity through myself and Mr Neco Pagon to present arguments as to why there should not have been an injunction. The basis of the result, I think, came about because, firstly, Mr Croskery is no longer director; secondly, there is nothing to suggest that he was aware of any improper conduct on the part of the company,” the attorney said.

“There was nothing to suggest that he made any attempt to dissipate any assets or anything of the sort and that he had rendered full cooperation, so in those circumstances the injunction was lifted. Even though he remains as a shareholder, there was nothing to suggest that he was a significant shareholder being in a position to cause any great influence one way or another in terms of the company. So all in all, this was the result,” Champagnie noted further.

The elder Croskery, the attorney said, “is actually very, very relieved” following the ruling.

“He feels vindicated and as one can appreciate there is nobody who would want to be a respondent to any court matter, especially in circumstances where the belief is held that you are an innocent party to a court action, naturally he is relieved,” Champagnie said.

In the meantime, former SSL employee Jean-Ann Panton — the only individual so far arrested and charged in the matter — is before the court to answer to the allegations of the alleged billions defrauded from some 40 clients including track star Usain Bolt.