More litigation to follow ruling in Krem vs. Sagis case

And this news, in a stunning eighty page ruling, the Court of Appeal last Friday, ordered that fifty thousand shares in Krem Radio currently in the name of Evan X Hyde, be registered in the name of Sagis Limited. It started back in 1994 when Sagis invested a total of one hundred thousand dollars in Krem in exchange for fifty thousand shares, or ten percent of the company. But Krem never registered Sagis as owner of the shares. The matter was taken to the Supreme Court, which ruled that the radio station return the sum of twenty-five thousand dollars to Sagis rather than transfer the shares. That decision was appealed before the Court of Appeal which has now ruled in Sagis’ favour. While it was only a majority ruling, dissenting Judge Cecil Morrison said that to say “that additional shares could have been made available to Sagis by the relatively simple device of an increase in the share capital of Krem, does not excuse what can only be described as scandalous behaviour on the part of Krem’’. There has been no end of debate on the court of appeal’s ruling and what it means for Krem, which has been obsessively vocal against Sagis. Krem said following the ruling that it is considering turning to the Privy Council but according to information available to News Five, it prefers to go another route. That is, it is considering undermining the judgment of the Court by dissolving, Krem Radio, and then emerging under the name of Cream Radio. All this to avoid complying with the court’s ruling which inevitably will result in more litigation from Sagis.