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Jul 22, 2009

Judgment reserved in D.F.C. civil case

Story PictureJustice Minet Hafiz Bertram has reserved judgment in a civil case involving Atlantic Corporation and the Development Finance Corporation. The matter is over a sum of money collected from the sale of five properties which occurred after the Novelo’s Bus Service was placed under receivership. The five properties were originally owned by Batty Bus Service. The monies are now being held in a trust account by the D.F.C. Today we spoke with Senior Counsel, Fred Lumor who is representing D.F.C.

Fred Lumor, Attorney for D.F.C.
“In the year 2000 they had obtained a loan from Atlantic Corporation to purchase the assets of Batty Bus Service. After purchasing the assets of Batty Bus Service, they were supposed to go back to Atlantic Corporation Ltd and execute a mortgage in favour of that corporation. Unfortunately, they went back also to D.F.C., Development Finance Corporation, who are my clients, and asked for a loan of thirty million dollars. They got the loan in 2000 of two point two and later on increased it to six point six from Atlantic Corporation. After they purchased the Batty Bus properties, five of them, they gave a mortgage on those lands to D.F.C. Atlantic Corporation case is that the Novelo’s perpetuated fraud on Atlantic Corporation by what they did and therefore the court should nullify or cancel the priority that we claim as legal mortgagees over the five properties formerly owned by Batty Bus Service.”

“D.F.C. says that at the time when this loan agreement was effected from the Novelo’s they were not aware that Atlantic Corporation had given them any loans. In fact the loan agreement between Atlantic Corporation and the Novelo’s was not registered. The dispute over these five properties which have been sold by court order already, the monies in respect of this are held in a trust account to await the outcome of this particular case, which has been going on since 2005.”

Denys Barrow represented Atlantic Corporation. Atlantic Bank and D.F.C. all appointed receivers to take over the assets of Novelo’s Bus Service.


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