| Justice Rishi Persaud dismissed an action brought by Tigerwood, a company established on June 28, 2006,http://www.theworldsoccersshop.com/Argentina-Facundo-Roncaglia-Jersey.html, by Timothy Foster and Kadim ‘Kads’ Khan, who identified himself as a banker and Chartered Accountant by profession,Cheap NFL Jerseys Wholesale, and founder of Guysons.The action was filed on December 21, last, by attorney-at-law Nigel Hughes on behalf of Tigerwood Guyana Inc., a company based in Land of Canaan, East Bank Demerara.The contention was that Khan laundered $41M through the bank accounts of the company while he served as Chief Financial Officer and Executive between June 2006 and last year.The suit named Khan, of Lama Avenue, Bel Air Park,Wholesale Authentic NFL Jerseys, and Guysons Engineering Limited,Cheap Stitched Jerseys, West Ruimveldt, as the joint defendants, but Khan, a former Parliamentarian of the Peoples’ National Congress Reform (PNCR) had moved to the courts before Tigerwoods and was granted an injunction blocking his former business partner, Timothy John Ashworth-Foster, of the United Kingdom and the owner and Director of Tigerwood Guyana Inc. (TGI), from leaving Guyana over a money dispute.“Kads” Khan, claimed that he was owed over US$500,000 ($100M). Foster was required to provide security to Khan in the sum of US$520,000.In the writ against Foster, Khan claims the sum as an amount due, owing and payable under the terms of a settlement and share sale and purchase agreement dated January 19, 2010.Under the agreement, Ashworth-Foster agreed to purchase from Khan his shares in Tigerwood Guyana Inc., for the sum of US$670,000 to be paid in monthly installments under terms that if one installment was not paid, the whole amount became due.The former Parliamentarian claimed that only the initial sum of US$150,000 was paid but nothing after.Kadim ‘Kads’ Khan and Ralph Ramkarran had sold their shares in Tigerwood Guyana Inc. on January 19, 2010, to Timothy John Ashworth-Foster under a Sale and Purchase Agreement.On December 21, last, Tigerwood Guyana Inc. sued Kadim Khan and Guysons Engineering Ltd, despite the fact that the Sale and Purchase Agreement signed by the parties on January 19, 2010, provided an Idemnity / Discharge Clause, discharging Kadim Khan from all claims, actions, causes of action, and damages in relation to any matter regarding the affairs or business of Tigerwood Guyana Inc.A similar discharge was given by Khan to Ashworth-Foster.Yesterday, Judge Rishi Persaud, threw the matter out of Court,Cheap Jerseys From China, since it did not comply with the rules of the Commercial Court.Khan, who saw the subsequent action as an attempt “to deny me my claim,” was represented by Attorney-at-Law Anil Nandlall.In 2007, Iwokrama International Centre for Rainforest Conservation and Development entered a five-year partnership with the company to harvest logs in its concessions.At that time,Authentic Kyle Korver Hawks Jersey, Iwokrama, heavily dependent on donors for its operations, had reportedly said that it was looking at ways to diversify its income base.During 2006, Sir Shridath Ramphal, Hari Narayan ‘Ralph’ Ramkarran, John Willems, and Sir Ronald Sanders were appointed to the board of Tigerwood, the plaintiff noted.At the first board meeting held, Sir Shridath was appointed Chairman of the company and it was also decided that the company enter into a joint venture agreement with Iwokrama Sustainable Timber Incorporated (ISTI) for the harvesting and production of timber in a sustainable manner on various concessions owned by ISTI.But two years later Sir Ronald and Sir Shridath quit the Board. At the time of the lawsuit they had nothing to do with the company. |
