Updated 5pm Thursday: Joey Ebanks was released from police custody on bail Thursday afternoon, according to the Royal Cayman Islands Police Service.
Mr. Ebanks is due to report back to police in early April. Police did not state whether he was charged with any offences at this time.
Five days after being suspended as head of the Electricity Regulatory Authority over concerns about financial irregularities, police arrested Joey Ebanks on suspicion of theft and fraud at his home Wednesday morning.
Police did not officially identify Mr. Ebanks as the person who had been arrested, but confirmed that a man had been arrested at Doubloon Drive in Lower Valley at 7am Wednesday in connection with allegations of fraud and theft.
A police press release issued late Wednesday also added that the suspect had been arrested on suspicion of possession of a drug utensil.
Several police cars were seen outside Mr. Ebanks’ Doubloon Drive home during the morning.
Mr. Ebanks, who could not be reached for comment by press time Wednesday, had posted on his Facebook page that he had received a letter of suspension Saturday.
On Monday, the Electricity Regulatory Authority confirmed that Cabinet had suspended Mr. Ebanks, 49, as managing director of the ERA and relieved him of all his regulatory-related duties. His suspension followed the receipt by the ERA Board of a preliminary report by Auditor General Alastair into what was described in a press release Monday as “inappropriate financial transactions”.
The report on the questionable transactions was passed to the police’s Financial Crime Unit for further investigation.
Another press release, issued by the Office of the Auditor General Monday, revealed that the alleged financial irregularities came to light during an audit of the financial statements of the ERA for the current fiscal year, which ends 30 June.
“The board of directors was notified of the findings on 28 February, 2013, and action was taken to protect the assets of the ERA,” the release from the auditor general’s office read.
Officials in the Office of the Auditor General said they were aware of the arrest Wednesday, but would not comment further.
No charges had been laid against Mr. Ebanks by press time.