Ryan Ferreira, who was accused of forging a Republic Bank cheque for the sum of $49.9M, was on Wednesday found not guilty of the crime at the conclusion of his trial.

Ferreira, 65, of Durban Street, Werk-En-Rust, Georgetown had denied the charge and faced trial before Magistrate Sunil Scarce at the Diamond/Golden Grove Magistrates’ Courts.

It was alleged that between March 1, 2020, and April 23, 2020, at the Guyana Oil Company (GUYOIL) terminal at Providence, East Bank Demerara, with intent to defraud, he forged a Republic Bank cheque drawn for $49, 997,408 in favour of GUYOIL, purporting to show that it was issued by I.G Enterprises Incorporated, knowing it to be forged.

The Police prosecutor faced several challenges in putting its case in court, one of which being the absence of important witnesses, Ferreira’s lawyer Bernard Da Silva told this publication.

Beyond a reasonable doubt, the prosecution could not prove its case, according to Magistrate Scarce’s ruling.

He thus dropped the accusation against Ferreira, whose trial had been underway since 2020.

Da Silva related that Ferreira’s previous employer, I.G Enterprises Incorporated, drafted the cheque. The cheque was then taken to GUYOIL by him.

Ferreira’s attorney said that there is no proof that his client prepared the cheque or served as a director of I.G Enterprises Incorporated. 

Whether Republic Bank processed the check is unknown.