Oil company ordered to pay $9m
PORT SPAIN
Trinidad & Tobago Express
Petroleumworldtt.com
06 17 09
THE APPEAL Court yesterday ordered oil company Krishna Persad and Associates (KPA) to settle an outstanding debt of over $9 million to its former business partner Mora Oil Ventures Limited (MOVL).
Appeal Court Judge Margot Warner in a 12-page ruling agreed with arguments of attorneys seeking the interest of Mora Oil Ventures Limited before ordering KPA to settle a debt of US$798,730.12.
The sum carries and interest, which is to be assessed, from October 27, 2004.
In the ruling, Justice Warner was critical of a decision made by former High Court judge David Myers on August 16,2006.
"I am of the view that Justice Myers was plainly wrong when he found that there was a procedural agreement which prevented the plaintiff (MOVL) from proceeding to enter a judgment in default or defence.
"To extent therefore, that he exercised his discretion to set aside the default judgement with this procedural agreement in mind, he erred, so that the appeal should be allowed," Justice Warner said.
The court heard through MOVL attorneys that on July 30, 2003, MOVL issued a "specially endorsed writ in which it claimed the sum of US$798,730.12, lent by the plaintiff (MOVL) to the defendant in accordance with a loan agreement evidenced in writing and dated the 20th March, 2002."
Story
by Denyse Renne from Trinidad & Tobago
Express
Trinidad & Tobago Express
Tuesday, June 16th 2009
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