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Mar 24, 2015 News
Chief Executive Officer of Guyana Stores Limited, (GSL) Tony Yassin, yesterday led further evidence in the
court case between the National Industrial commercial Investments Limited, (NICIL) and the privately-owned enterprise, Royal Investment Incorporated, (RII).
The matter which is before Justice Roxanne George at the High Court in Georgetown is as a result of a lawsuit filed by NICIL.
NICIL is suing Royal Investments, the entity which owns and operates Guyana Stores Limited, for failing to pay the balance of US$2 million for the 70 million shares in the company which was acquired for US$6million.
Yesterday, Attorney-at-Law Edward Luckhoo (SC), who is representing GSL, re-examined Mr. Yassin on information he provided while under cross examination by Attorney, Rafiq Khan who is representing NICIL in the trial.
Yassin was asked about the payments of dividends in the company and whether his company, Royal Investments was informed about those payments.
He explained that it was after the sale of the company that he reviewed the financial documents and learnt of the payment of the dividend. Further questioned by the Attorney about the state of the company after it was purchased, the businessman accepted that that GSL was struck off the Register for the non-submission of the Annual Returns.
He said, however, that application was made for the Company to be restored to the Register. At this point, Rafiq Khan raised an objection. Khan pointed out that a re-examination is limited in its realm of clarity and
purpose.
The lawyer further held that this should not be done during the re-examination but rather through the Company Secretary, who can be called on to say that the application had been filed.
Mr. Luckhoo, in response, pointed out that the fact of the Company being struck off, had been raised by Khan making it therefore necessary for the defence to raise the issue to show steps were taken by for reinstatement of the company.
As such, Yassin subsequently explained that that steps are being taken to re-instate the Company to the Register – the documents are to be filed. The GSL Boss was questioned about franchise which the company lost during certain periods.
Yassin was asked specifically about the Fisherman’s Friend franchise and the Perkins franchise. The line of questioning met with a series of objections from NICIL’s Attorney.
However, Yassin later explained that he could not recall whether he took any steps to renew that Fisherman’s Friends franchise, but in regards to Perkins, the witness said that there was correspondence between himself, Reaz Khan (a former investor in RII) and NICIL’s boss Winston Brassington regarding the issue.
After signing the Share Sale and Purchase Agreement, Yassin said that he took steps to renew the Perkins Agreement. He said that he contacted Mr. Valdez and subsequently travelled to Miami where he met with him officially in respect to the Perkins franchise but he was unable to secure the franchise.
He explained that the franchise was already signed with someone else.
Luckhoo thereafter requested leave to file evidence as to the shares held by Yassin and Reaz Khan’s subsequent resignation from the Board of Directors. Yassin told the court that he had proof of Khan’s resignation subsequent to his agreement of sale for GSL.
Attorney- at- law Khan, also objected to this. He questioned the relevance of the evidence as to the facts and issues in the case – as to how Mr. Yassin acquired the shares in Royal Investments Inc. In his rebuttal, Luckhoo said that Khan cannot tell him what is relevant to his case – there is an issue of the authority Yassin had to negotiate with Mr. Brassington.
Luckhoo said that he was seeking to lead fresh evidence to show how Mr. Yassin acquire those shares, the authority he had to negotiate, and its relevance to the case and that should not be preempted at this point.
Khan continued to argue but was overruled. He was thereafter permitted to further cross-examination of Yassin and asked Mr. Yassin whether he was aware that Reaz Khan had filed an action against Royal Investments Inc.
Yassin clarified that the action was against Guyana Stores Limited and that he, (Khan) filed as a shareholder of GSL, saying that he owns 94,000 shares.
The matter has been adjourned to April 10, 2015.
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