This announcement has been
determined to contain inside information for the purposes of the UK
version of the market abuse regulation (EU)
No.596/2014.
DCI Advisors
Limited
(the
"Company")
Legal Update
28 March
2023
In follow up on our legal update 13 December
2023;
Filing of approximately €57.0 million in
civil claims in Greece
Following the filing by DCI Advisors Limited
(DCI) of criminal charges in Greece on 12 December 2023, last week
DCI filed civil claims against 10 individuals/companies in order to
seek to recover approximately €57.0 million in damages and the
cancellation of a transaction against one company in Cyprus. DCI's
investigations into potential wrongdoing are continuing.
Summary Judgement UK
On 21 March 2024 the High Court of Justice in
London decided at the hearing of DCI's Application for reverse
summary judgment / strike out (the 'Application') that a full trial
is needed to determine the Claim issued by Dolphin Capital Partners
Limited (DCP) and the Counterclaim filed by DCI involving the
Amanzoe call option issued by the buyer of Amanzoe in August 2018
to DCP, who at that time was the Investment Manager of
DCI.
Some observations and quotes in the Deputy
Judge's judgment of interest are:
-
Of the three witnesses who provided signed statements on behalf of
DCP ; "Two of those three witnesses are qualified and regulated
legal professionals."
-
"[DCP's] three witnesses explain in their statements that the Call
Option was also mentioned in that meeting without any objection on
behalf of [DCI]."
-
"The main problem for [DCP] in this context is that none of the
documents which relate to the board meeting make mention of the
Call Option or its effect. "
-
"[DCI's] counsel also conducted a withering critique of the witness
evidence itself, pointing out its mutually supportive terms and
aspects which appear to be contradictory. I have some forensic
sympathy with these criticisms. The witnesses can expect to face
some testing cross-examination at trial, should the matter proceed
that far."
-
"There is more than a fanciful prospect of [DCP's] version being
accepted at trial, however slender that may seem when the three
attendees' witness evidence is considered in its own terms and
compared with the contemporary communications and records of
events."
-
"The trial judge may yet conclude that their evidence is concocted.
Any such finding would have serious personal and professional
consequences for each of them, as they are no doubt already aware.
This is all a matter for the trial judge."
Whilst DCI's Application for reverse summary
judgment / strike out was dismissed, the Deputy Judge decided that
DCI is not at this stage required to pay DCP's costs of the
Application, and instead reserved the costs of the Application to
the trial judge. That costs order was made in order to mitigate the
injustice that would be caused if DCI paid DCP's costs and it was
subsequently found at trial that DCP's witness evidence submitted
in support of its opposition to the Application had been
concocted.
A copy of the judgment can be found
at:
https://www.bailii.org/ew/cases/EWHC/Comm/2024/678.html
BVI
Update
Regarding the statutory demand issued by
DCP's close business partner Zoniro Ltd [as previously announced on
13 December 2023], the hearing scheduled to be held in the BVI
Court is postponed until May 2024 when the matter will be
determined. Until that time, we do not expect any material
developments in those proceedings.
Enquiries
DCI
Advisors Ltd
Nicolai Huls / Nick Paris, Managing
Directors
|
nickparis@btinternet.com
+44 (0) 7738 470550
|
Cavendish Capital Markets (Nominated Adviser &
Broker)
James King / Jonny Franklin‐Adams /
Edward Whiley / Oscar Valeur‐Adu (Corporate Finance)
Pauline Tribe (Sales)
|
+44 (0) 20 7220 0500
|
FIM
Capital Limited (Administrator)
Lesley Lennon / Grainne Devlin
(Corporate Governance)
|
llennon@fim.co.im
/ gdevlin@fim.co.im
|