The Court of Appeal has refused to hear the appeal of former Education Minister Ruel Reid and President of the Caribbean Maritime University (CMU) Professor Fritz Pinnock.
In handing down its decision Friday morning, the court ruled that Mr. Reid and Professor Pinnock pay costs to the Financial Investigation Division (FID).
The court also refused the application to stay the criminal case against the men.
Lawyers for Mr. Reid and Professor Pinnock had applied to the Appeal Court for leave to appeal last month's ruling by the Supreme Court.
The Supreme Court had rejected their application for leave to seek judicial review of the decision of the FID to lay fraud charges against them in the Ministry of Education/CMU affair.
Lead attorney Hugh Wildman had argued that the charges are null and void and should be quashed as the FID does not have the powers to charge persons.
Mr. Wildman told Radio Jamaica News that he will take the case to the UK Privy Council.