Accounts and Investments
Department Profile & Organisational Structure
On July 25, 2002 The Judicial Committee of the Privy Council in the judgement in the matter of Kirvek Management and Consulting Services Limited v The Attorney General of Trinidad and Tobago (P.C. Appeal No. 52 of 2001) overruling the Court of Appeal, held inter alia, that the practice in the Supreme Court Registry of depositing money paid into court in the treasury and therefore not in an interest bearing account is in breach of the law and that interest must accrue for payments into Court in the course of, or for the purpose of judicial proceedings.
The effect of this judgement is to place upon the Judiciary (through the Registrars of the Supreme Court and the Chief Magistrate) the responsibility to select sound financial investment for each sum deposited into court for each court matter. This responsibility therefore places on the Judiciary the liability for failure to make such sound decisions.
Funds are deposited into Court in the following instances:
- Workmen’s Compensation
- Security for Costs
- Deposits into Court where no order is made (Voluntary deposits)
- Deposits into Court pursuant to a court order
- Actions on behalf of Minors, Patients and Incapacitated persons
- Maintenance Payments
- Maintenance under the Attachment of Earnings Act.
The Court Funds Investment Act as amended provides that funds received in the manner above shall be promptly invested in an interest earning account in a recognised and reputable financial institution. In all cases except where specifically ordered by the court, deposits paid into court must be invested in an appropriate Unit Scheme of the Unit Trust Corporation.
Services provided by the Accounts and Investments Unit include:
- Provide information relevant to every deposit taken
- Periodic Balances on accounts and investments.
- Redemption of Deposits at maturity or upon order of judicial officer
- Final balances on investments held in trust funds for minors
- Certificate of funds for all deposits on request
- Quarterly reconciliation of investments
- Workmen’s Compensation
- Appointment of Medical Referees
- Receipt of Applications for Compensation.
- Source and identify dependents in the case of the death of a workman
- Pays compensation claims to dependants in the case of the death of the workman and
- Pays compensation claims to the workman in situations where he/she suffers a non fatal injury.
Department telephone contact - 623-2416/7 Ext 2339/2343
624-7425 (direct line)
|Jameson Melville||Account Investment Officer||2339|
The Department is located on the Ground Floor at Hall of Justice (immediately after the Registrar’s office), Port of Spain.