Litigant claims debt paid
PA Auckland The Malaysian businessman, Mr Cheah Theam Swee, will be arguing in a court hearing on February 1 that a $7.5 million judgment debt against him has already been satisfied. In the High Court at Auckland last week Mr Cheah sought a stay to the execution of the judgment and advised he was seeking to have it set aside. The judgment related to a cross-indemnity given by Mr Cheah and others in respect
of a put option involving London Pacific shares and guaranteed by Equiticorn. When the put option was exercised, Equiticorp paid for the shares and then sued Mr Cheah and others. Mr Donald Dugdale — representing Mr Cheah — said a mystery was still to be unravelled, concerning what Equiticorp had done with 70 million London Pacific shares and the 11 million Clearwood Thoroughbred Stud shares Equiticorp appeared to be holding as security.
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Press, 11 December 1989, Page 14
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148Litigant claims debt paid Press, 11 December 1989, Page 14
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