" (He) stood still in the dock, his face flushed red, turning only to shake the hand of his lawyer as he was led out of the court".
Fines, jail and hard labour
Magistrate Sherman Mc Nicolls imposed the statutory TT$ 20,000 fine on each of the three counts and a two year jail sentence with hard labour.
The fines and sentences will run concurrently, so Mr. Panday will serve two years and have to pay a fine of TT$20,000.
He'll serve another three years if he fails to pay the fine.
In addition the chief magistrate ruled that Mr Panday must pay the sums of money in the account for each year he was charged for not making the declaration.
If he doesn't pay up, the magistrate ruled, the state would then be a in a position to seize his assets to the value of the sums in the account.
That's a total of 160,000 pounds sterling (TT$1.5 million).
The magistrate also denied bail to Mr Panday after his lawyers gave notice they were going to appeal.
Momentous
Therese Mills, the editor of the Trinidad and Tobago daily Newsday, said the verdict was momentous. "We've never had somebody at this level found guilty in a court of law", she told BBC Caribbean.
She said people on the streets of Port of Spain were shocked. "They felt (if he had been found guilty) that they would just tap him on the wrist and that would have been that".
For only the second time ever, Newsday hit the streets Monday with an afternoon edition. The only other previous occasion was September 11th, 2001
