Suspended Cayman Islands electricity regulator 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. Investigators did not state whether he was charged with any offences, but it was understood that no charges had been filed.
Mr. Ebanks had not returned Caymanian Compass messages seeking comment by late Thursday.
Five days after being suspended as head of the Electricity Regulatory Authority over concerns about financial irregularities, police arrested Joey Ebanks Wednesday on suspicion of theft and fraud.
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 the investigation.
A police press release issued late Wednesday also added that the suspect had been arrested on suspicion of possession of a drug utensil.
Mr. Ebanks had posted on his Facebook page that he had received a letter of suspension from the Cayman Islands Electricity Regulatory Authority on 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.
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It seems that to be in the press, you need to be at the helm of a government agency.
Is this the same Joey Ebanks who worked at the Turtle Farm ???