Businessman sentenced to...

Prior to being convicted, Jacobs had been out on $500,000 bail on the condition that he lodged his passport and report to the Police periodically pending the determination of his trial.

Remanded

Meanwhile, Royston Peniston of Festival City, North Ruimveldt, Georgetown, the owner of the popular Blue Iguana Night Club in Alberttown, Georgetown, was on Monday remanded on a similar charge. His court appearance comes three days after he was nabbed with a quantity of cocaine at his residence. The 44-year-old businessman called “Fat Joe” was arraigned before Principal Magistrate Sherdel IsaacsMarcus at the Georgetown Magistrates’ Courts.

It is alleged that on February 3, he had 2.178 kilograms of cocaine in his possession for the purpose of trafficking. According to CANU, the drug has a street value of $2.1 million.

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Peniston was remanded to prison until April 3.

On the day in question, CANU ranks swooped down on the businessman’s property at Festival City where they intercepted him with two hardcover suitcases in his possession. A subsequent search of the suitcases in his presence revealed a quantity of whitish powdery substance suspected to be cocaine. As such, Peniston was arrested and escorted to CANU Headquarters.