TIGON WINS HIGH COURT ORDER AGAINST BEST YET AND EUROPOINT
30 November 2001
The High Court (Witwatersrand) has today awarded financial services company,
Tigon, an interim order interdicting the EuroPoint vendors and their
nominee, Bestyet, from selling any more of the 7,671 million Tigon shares
which have been the subject of a protracted legal battle between the
parties. The court ruled that Tigon could submit further papers alleging
substantial further fraud on the part of Varejes and Strike, the vendors and
former executive directors of EuroPoint, and granted the defendants the
opportunity to answer Tigon's new allegations. However, in view of these
new allegations as well as the other allegations of fraud previously
presented by Tigon, the court granted a "holding" interim order,
interdicting the shares from being sold, alienated, donated or transferred
until the final hearing of the application.
Today's interlocutory hearing was part of an action brought by the Tigon
group against the EuroPoint vendors, in which Tigon has claimed restitution
of nearly 28 million Tigon shares plus some R19 million in cash, together
with interest (valued at R210 million at the commencement of these
proceedings). Tigon claimed cancellation of its purchase of the EuroPoint
businesses, following the discovery that EuroPoint's earnings had been
fraudulently overstated by Varejes and Strike. The main action, which was
due to be heard on 20 November, was postponed following the recent discovery
of this further serious and material fraud.
Tigon Managing Director, Gary Porritt, said today that, in addition, further
papers in the main action will be issued next week giving details of a
number of other substantial and serious frauds by Varejes and Strike which
have also recently come to light.
Ends
ISSUED FOR: TIGON LIMITED
CONTACT : GARY PORRITT 033 394 2854
FAX NO : 033 394 2218
E-MAIL : Tigon@tigonlimited.com
ISSUED BY : TISH STEWART PR ASSOCIATES
CONTACT : Tish Stewart (011) 325 4195 Cell: 082
443 6399
FAX NO : (011) 325-4199
E-MAIL : Tish@tspr.co.za
DATE : 30 November, 2001
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