Tigon Obtains Court Order Against Europoint Defend
Tigon Group Limited
Code: TGN
ISIN: ZAE004022240
Press Release
Financial services group, Tigon, was today awarded a separation order by the
High Court, Witwatersrand, in the EuroPoint case. The order, which will
force the defendants Varejes, Strike and their front companies and trusts to
now deal with the serious fraud charges laid against them by the Tigon
group, was vigorously opposed by the defendants who were ordered to pay
costs.
The trial of the action brought by Tigon, in which it has claimed R210
million from the defendants based on fraudulent mispresentations and breach
of warranties by Varejes and Strike, was due to commence in court on
Wednesday, 8 May 2002. However, the trial had to be postponed after the
defendants served last minute papers late on Monday and Tuesday, 6 and 7
May, on interlocutory matters irrelevant to the fraud allegations. Similar
delays were experienced during proceedings last year which eventually
resulted in Tigon obtaining an order interdicting Varejes' and Strike's
nominee company ,Bestyet, from selling further Tigon shares obtained by
them as part of the proceeds of their frauds.
Tigon MD, Gary Porrittt, said that, whilst he and others had hoped to
testify this week, the separation order granted today to Tigon ensures that
unrelated issues cannot again interrupt the fraud trial process. Tigon will
ask that court to give early dates to hear evidence of the ten major counts
of fraud documented against Varejes and Strike.
Tigon director, Sue Bennet, expressed her delight at today's judgement.
Bennet recently went on record to accuse Varejes and Strike of using Mafia-
style tactics in a smear campaign aimed at discrediting Porrittt and other
key witnesses. " Although first prize would have been to have been to have
the trial start this week as planned, today's order is a major set-back for
Varejes and Strike", she said.
Ends
ISSUED FOR : Tigon Limited
CONTACT : Gary Porritt Tel: (033) 394 2854 or (011) 440
5640
FAX NO: :
E-MAIL :
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 : 10 May 2002
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