Latest update March 29th, 2024 12:59 AM
Jun 16, 2013 News
Local businessman, Kadim ‘Kads’ Khan, owner of Guysons Engineering Limited, has secured judgment to the tune of US$520,000 ($104M) against a former partner who had bought out his shares in a logging company back in 2010 but failed to pay up.
The judgment was made by Justice Rishi Persaud on October 30, 2012 against Timothy John Ashworth-Foster, owner and Director of Tigerwood Guyana Inc.
‘Kads’ Khan, former Speaker of the House, Ralph Ramkarran; Sir Ronald Sanders and John Willems along with Foster were all partners in the logging company, Tigerwood, which was established June 28, 2006.
The company had entered into a five-year agreement, starting in 2007, with Iwokrama International Centre for Rainforest Conservation and Development to harvest logs in the concessions of that organization.
Iwokrama, at the time, was heavily dependent on donors for its operations and welcomed the opportunity to rein in a reliable cash flow on its own.
However, Khan and Ramkarran sold their shares in the logging company on January 19, 2010, to Foster under a Sale and Purchase Agreement.
Under the agreement, Ashworth-Foster agreed to purchase from Khan his shares in Tigerwood for the sum of US$670,000 to be paid in monthly installments under terms that if one installment was not paid, the whole amount became due.
A former Parliamentarian and Shadow Finance Minister of the People’s National Congress Reform (PNC), Khan claimed that only US$150,000 was paid but nothing after.
As a result, Khan filed a suit against the logging company claiming that he was owed over US$500,000 ($100M).
However, Foster and Tigerwood countered, filing a writ naming Khan and Guysons Engineering Limited, with the logging company as plaintiff, claiming that Khan laundered $41M through the bank accounts of the company while he served as Chief Financial Officer and an executive between June 2006 and 2010. The matter was, however, thrown out by Justice Persaud.
Foster, according to the judgment made last year, will have to pay the owed money in the sum of US$520,000 from May 1, 2010. He was also slapped with a six per cent interest and costs of $25,000.
THIS IDIOT TELLING GUYANA WE HAVE NO SAY IN THE 50% PROFIT SHARING AGREEMENT WE HAVE WITH EXXON.
Mar 29, 2024
By Rawle Toney Kaieteur Sports – After a series of outstanding performances in 2023, Tianna Springer, dubbed the ‘wonder girl’, is eagerly gearing up to compete in this year’s...Kaieteur News – Good Friday in Guyana is not what it used to be. The day has lost much of its solemnity. The one day... more
By Sir Ronald Sanders Kaieteur News – In the face of escalating global environmental challenges, water scarcity and... more
Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.
Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]