Michael Coye, Businessman behind bars from Money Laundering, is home

Arthur Saldivar

Businessman Michael Coye is home tonight. The Court of Appeal granted Michael, the sixty-seven year old former proprietor of Money Exchange International Limited, bail in the sum of ten thousand dollars pending appeal of his conviction for money laundering offenses two years ago. Michael, his daughter Melonie and two employees along with the company were convicted of money laundering but only the Coyes were given jail terms of three years each in addition to fines of one hundred thousand dollars.  Attorney Arthur Saldivar asked the court to release him mainly because of his medical condition, as Coye is a diabetic and was recently hospitalized. They have agreed, but with two conditions. He must surrender all his travel documents and must report to the Racoon Street Police Station every Monday between nine a.m. and twelve noon until his case is resolved. After the hearing Saldivar told News Five what he feels swayed the judges.

Arthur Saldivar, Attorney

“The court decided to grant bail Aaron. Bail was granted and Mister Coye is being set free.”

Reporter

“How much and are there any conditions attached to it?”

Arthur Saldivar

“Yes the usual conditions that one would expect: surrendering of travel documents, must report to the police station on a weekly basis and must return to court for his appeal.”

Reporter

“Was the court swayed by the reports of his medical condition; he has to be hospitalized for two months and is suffering from diabetes among other things?”

Arthur Saldivar

“Certainly there were some compassionate grounds and his lordship took that into consideration, but I think the main basis upon which his decision was made was in relation to the legal arguments based on the strength of the case on appeal.”

Reporter

“Will there be any similar application bail for Miss Melonie Coye before the appeal is heard next February.”

Arthur Saldivar

“As one is invited, one will be made, yes.”

Reporter

“But at this time, is Mister Coye being released from the prison? Has conditions been met?

Arthur Saldivar

“As we speak.”

A bail application is likewise expected for Melonie Coye. The Court of Appeal’s final session for 2013 closes tomorrow, Friday. The Coyes were apprehended back in December 2009 when police claimed they found approximately one point five million dollars in cash in their house on Johnson Street.