STRATH Wood, the chief executive of Chemspec, has been ordered to pay more than R3 million as well as interest and costs to IFA, the owner of IFA Hotels
and Resorts, in a dispute over the sale of shares.
Acting Judge Julian King said in a 67-page judgment that was delivered in the KwaZulu-Natal High Court on Friday that Wood had exaggerated, lied, falsified
and contrived evidence.
King ordered Wood to pay IFA R3.09m plus interest calculated at 15 percent a year from October 2005 and costs. Wood’s counterclaim against IFA for R47m was dismissed.
The dispute with IFA is one of several that either Wood or Chemspec is embroiled in, including a dispute with a
former Chemspec director David Randles over shares.
The dispute with IFA relates to an agreement in 2004 between IFA and Wood, whereby Wood – acting as IFA’s agent – bought 25million shares in the Don Hotel Group in his name, but as a nominee for IFA. IFA
subsequently abandoned its strategy to buy the Don Group in favour of a reverse listing into Moribo Leisure.
But by September 2005 Wood had sold the Don shares and deposited the proceeds of R3.09m into his account.
He claimed that he had been instructed to sell the shares, but IFA said he was not.
Wood said he was entitled to deductions from the proceeds of the sale of the Don shares, as R800 000 was owed to him relating to a deal in 2003 in which Ocean Leisure, which owned the Zanzibar Beach Hotel, was sold by Chemspec to IFA Hotels & Resorts.
This sale was done before Wood led a management buyout of Chemspec.
In the year that followed the sale, Chemspec paid a host of expenses incurred on behalf of Ocean Leisure, resulting in Ocean Leisure owing about R875 000 to Chemspec.
Wood said this debt was ceded to him personally.
Wood said he was instructed by IFA to sell the Don shares while he was in Sydney, Australia and it was agreed in the telephone call that he could deduct R800 000 from the proceeds of share sales to offset the money owed by Ocean Leisure. IFA said this conversation never took place.
In summing up Judge King said Wood did not tell the truth. Wood could not be reached for comment yesterday.
Chemspec shares fell 4.11 percent to 70c yesterday.
المختصر : ايفا تكسب قضيه ضد chemspec بأن يدفعون 3 ملايين من 2005 الى اليوم بفائدة 15% اموفقين
