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Mar 19, 2009

Krem lawyer remains optimistic about case against Sagis

Story PictureIt was another interesting day in the Court of Appeals today in the case of Krem Radio and Sagis Investments Limited and after lawyers for both sides closed their arguments, the court reserved judgment for a later date. The appeal goes back to a ruling last year in May in the Supreme Court when Chief Justice Conteh ruled in favour of Krem who had received a loan of a hundred thousand dollars from Belize Holdings in 1994 and agreed to issue a promissory note for seventy five thousand dollars and to transfer ten percent share capital of Krem. But the shares were not transferred over to Sagis. Today Justices Manuel Sosa, Boyd Carey and Cecil Morrison heard submissions from Krem’s lead attorney, Michael Young, who argued that Krem may, by ordinary resolution increase the share capital of the company, but it may also waive the option of offering shares. Young relied heavily on portions of the Articles of Association. Young also laid out various points, including that Evan “X” had no authority to sign such a transfer agreement. Queen’s Counsel Vincent Nelson submitted arguments all day on Wednesday, and today added that Krem entered into the agreement for money, it refused to transfer the shares and then kept the money for thirteen years. After the case concluded Young availed himself to the media.

Michael Young, Lead Attorney for Krem Radio
“It’s simply a case that is clearly not about money and from Krem’s point of view, Krem is a private company. Under its Articles it means that there is some control over who become members of Krem and a certain transaction happened in 1994. Obviously there is a different situation at this point in time and the company has taken the position that it will not register that transfer, which was signed by Evan “X” Hyde in 1994.”

Keith Swift, Channel Seven
“Evan “X” Hyde didn’t know what he was doing when he signed that agreement?”

Michael Young
“That wouldn’t really be a fair statement. These are matters of technical law. The Articles of a company, if you read them, there are technical provisions and so it wouldn’t be a fair statement to say that he did not know what he was doing.”

Also representing Krem was Senior Counsel Lois Barrow. Elson Kaseke worked with Vincent Nelson for Sagis who did not offer comment because we were told that attorneys do not speak until after judgment is delivered.

Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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