Business
JAM | May 15, 2021

Lawsuits against Supreme Ventures, its founding shareholders withdrawn and dismissed

/ Our Today

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No order to costs made in any of the cases

Regional gaming company, Supreme Ventures Limited (SVL) is breathing a sigh of relief today as two lawsuits filed against the company, both in Jamaica and the United States (US), have been done away with.

In the case of the lawsuit that was being pursued in the Jamaican court; that matter has been withdrawn. In that case, EGE Limited (formerly Epsilon Global Equities Limited) had sued SVL and its founding shareholders.

Regarding the lawsuit being pursued in the courts of the state of Florida, USA, the case was dismissed with prejudice. SVL and its founding shareholders were also being sued in that case.

In both cases no order to costs was made.

COMPANIES REGISTERED IN THE BRITISH VIRGIN ISLANDS

SVL, which is listed on the Jamaica Stock Exchange, has updated the equities trading regulator of the withdrawal and dismissal of the lawsuits. The gaming company was named as a defendant in the suit brought by Talisman Capital Alternative Investment Fund Limited, a workout lender, and EGE Limited, a special purpose vehicle created to own stocks and shares.

Both companies are registered in the British Virgin Islands.

SVL and its founding directors were first sued by EGE back in December 2008.

The company claimed then that SVL reneged on an agreement for the forward sale of shares to Epsilon, which had been reached prior to a private placement done by the lottery company in mid-2005 and that the lottery company was also indebted to it.

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