Update: A magistrate released Hassan Syed, the former president of University College of the Cayman Islands, on bail of $400,000 after he appeared in Summary Court on Thursday morning.
Syed arrived in Grand Cayman Wednesday evening from Switzerland.
The court heard that he suffers from a heart condition and erratic blood pressure. The crown did not object to him being granted bail due to his medical condition.
He faces charges of theft, obtaining a pecuniary advantage and obtaining money orders by deception.
He was earlier charged in absentia following an investigation in 2008 by the then auditor general, Dan Duguay in relation to allegations he used UCCI credit cards for personal transactions.
Magistrate Grace Donalds transmitted the charges to Grand Court, where Syed was directed to appear on Friday, June 20.
Initial story: Hassan Syed, the former president of the University College of the Cayman Islands, appeared in court in Grand Cayman this morning.
Syed, 47, left Cayman in 2008 following a financial audit that found “unsubstantiated financial transactions for the office of the president [of UCCI].”
He was charged in absentia, prior to his arrest in Switzerland in November 2013.
He remained detained in Switzerland for several months as RCIPS officers and the Cayman and United Kingdom governments settled details related to his return.
For more on this story, read Friday’s Cayman Compass.