Supreme Ventures Limited (SVL) has advised that it has been named as a defendant in a law suit brought by Talisman Capital Alternative Investment Fund Limited, a British Virgin Islands International Business Company and Workout Lender and EGE Ltd, a British Virgin Island International Business Company and Special Purpose Vehicle to own shares of stocks.
The suit by Talisman arises out of a filing for bankruptcy by a former Director of Supreme Ventures Limited Paul G Mouttet, who resigned from the Board of Directors on June 7, 2007. This suit makes several claims against SVL in connection with Mr. Paul Mouttet that SVL finds baseless.
The connected suit by EGE Limited (previously known as Epsilon Global Equities), is an attempt by EGE to retry a matter related to two forward sale of shares agreements between the founding Shareholders of SVL and Epsilon Global Master Fund and several Epsilon related entities.
This dispute over the very same issues was decided in the courts in Jamaica in favor of the founding Shareholders and SVL defendants, by Mr. Justice Jones, in a Judgment dated January 21, 2011. Epsilon appealed and applied for an injunction pending the hearing of the appeal. On November 18, 2011, Mrs. Justice Harris Judge of the Appeal dismissed the application and ruled that “…it cannot be said that the Applicant has a good arguable ground of appeal.”
SVL further states that both the lawsuits by Talisman Ltd and EGE Limited against SVL are without merit and the Company expects to have its position upheld by the Florida Courts, as it has successfully done in the Jamaican Courts.
