The director of Tigerwood Guyana Inc., UK citizen Timothy John Ashworth-Foster has been cleared to leave the country after Chief Justice Ian Chang yesterday discharged the order which prevented him from travelling.
Attorney Nigel Hughes approached the court on Ashworth-Foster’s behalf and was successful in his application to have the order discharged.
Firstly, the Court found that Ashworth-Foster has enough assets in Guyana for him to return; he is the majority shareholder in the timber company, holding close to 90 percent of the shares. The court also found that he travels frequently to and from Guyana.
Kadim Khan, a former director of the company, had filed a $100M suit against the company. It was mentioned in court yesterday that the affidavit filed by Khan in the original application was sworn to two months before it was filed.
Last Friday Justice Chang issued an order preventing Ashworth-Foster from leaving Guyana pending the determination of the suit. The order directed that Ashworth-Foster not leave or attempt to leave until he had lodged security in the sum of US$520,000 to Khan.
In the writ against Ashworth-Foster, filed by attorney Anil Nandlall, 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, Khan stated that Ashworth-Foster agreed to purchase his shares in Tigerwood Guyana Inc., for the sum of $US670, 000. The sum was to be paid in monthly instalments, under terms that if one instalment was not paid the whole amount became due. Khan says that only the initial sum of $US150, 000 was paid. As a result, he is claiming for the entire remaining balance.
The case is fixed for September 22 in the Commercial Court.
