BSD Crown Ltd.
(The “Company”)
(LSE:
BSD)
BSD Crown Ltd (The
"Company")
Ramat
Gan, 12 April 2021
Further to the announcements made by the Company on June 22, 2018 and January
15, 2019 ("Prior Announcements"), the Company hereby updates
the market that Israel
18 B.V., a privately held
Netherlands company ("Israel 18"), and Mr. Alexander Avdeev ("Mr. Avdeev", and together
with Israel 18, the "Defendants")
have been found by the Central District Court of Israel (the "Court") to be in violation of
court orders relating to discovery proceedings. In connection
thereto, the Court removed the Defendants' statements of defense
filed as part of the litigation proceedings described in the Prior
Announcements. Further to the above, on March 18, 2021 and March
30, 2021, in ex parte rulings, a verdict in the sum of
NIS 173,447,815 (plus indexation
differences and interest from the date of the verdict) was imposed
against Israel 18 and a verdict in
the sum of NIS 164,389,764 (plus
indexation differences and interest from the date of the verdict)
was imposed against Mr. Avdeev. The Company believes that it is
very unlikely that it will be successful in collecting the awarded
amounts.
The Company has a lien on 3,500,000 shares of the Company held
by Israel 18 in connection with
the enforcement of verdicts relating to these proceedings, but to
the best of the Company's knowledge, certain of those shares may be
subject to other liens in favor of an unrelated third party.
Enquiries: Joseph Williger
Active Chairman of the Board