NASSAU, BAHAMAS — A Supreme Court judge has ruled that Canadian businessman Fred Kaiser failed to prove fraud allegations against former Sky Bahamas CEO and former Deputy Prime Minister K. Peter Turnquest while determining that the latter breached his statutory fiduciary duty and duty of care and diligence.

Kaiser had accused Messrs Tunrquest and Butler of conspiracy to commit fraud, alleging that their actions resulted in him losing the collateral on a mortgage. Kaiser claimed that between 2005 and 2007 his company Alpha Aviation lent both Mr. Turnquest and Mr Butler $279,000, which was to be repaid at four percent interest over 20 years, secured by a mortgage at Winton Heights Estates subdivision. Later in 2007, Alpha Aviation extended an additional loan of $120,000 to both Mr Turnquest and Capt. Butler, the first and second defendants in the matter respectively, as a further charge against the Winton property, again at four percent interest combined with other terms. At the time, Mr. Turnquest was Alpha Aviation’s director and manager, while Mr. Butler and his wife, listed as the third defendant, were mortgagors of the property.

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