REG - DCI Advisors Ltd - Legal Update

DCI AdvisorsAnnouncement

03/12/2024 15:15

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RNS Number : 6555O  DCI Advisors Limited  03 December 2024

DCI Advisors Limited

(the "Company" or "DCI"))

 

 

Legal Update

3 December 2024

 

DCI Advisors Limited is pleased to announce two significant court victories
recently against DCP's close business partner SPV 3 Ltd (also known as
"Zoniro").

BVI - Regarding the two statutory demands issued in August 2023 by Zoniro in
the BVI, as previously announced, we are pleased to report that DCI and its
subsidiary, DCI One Limited, were successful in their applications in the BVI
Commercial Court to set aside the two demands.  The applications were heard
in May 2024, with Zoniro represented by leading counsel, and judgment was
handed down by the Court on 29 November 2024.  The judge upheld the
companies' argument that there was a substantial dispute that would need to be
resolved before a statutory demand could be issued and made the following
findings:

"I find that there is sufficient evidence of a substantial dispute regarding
whether Mr. Kambourides' conduct amounted to a breach of duty to the
Applicants (DCI). The effect of the expert evidence is that this conduct
could, as a matter of Cyprus law, amount to a breach of duty entitling the
Applicants to repudiate the Agreements, which they did in July 2023. As such
they would not be liable for the  amounts in the statutory demands."

"There is a substantial dispute regarding the issues of breach of duty and the
validity of the Agreements. These issues should not be resolved by the summary
procedure for winding up a company."

"I have found that the Debts are disputed on substantial grounds. As such it
is not necessary to make separate findings on whether the Applicants have a
reasonable prospect of establishing a sett-off or counterclaim in an amount
greater than the amounts claimed in the statutory demands."

"The evidence…..is that Mr. Kambourides was acting in concert with Zoniro
and others to slow down the work of the DCI projects to cause financial harm
to DCI. "

"Therefore, the Applicants have a reasonable prospect of establishing a claim
for conspiracy that could result in an award of substantial damages against
Zoniro and others….."

"In any event, I have found that the Debts are disputed on substantial
grounds."

As a reminder to shareholders, Mr. Kambourides is the founder and controlling
shareholder of DCP and DCP is the former investment manager of DCI whose
investment management contract with DCI was terminated by DCI in March 2023.

As part of the judgment, the judge also ordered Zoniro to pay 75% of the costs
incurred - with the final amount to be assessed if not agreed.

Greece - The First Instance Court of Athens, by virtue of its Judgment,
accepted our petition and suspended the enforcement order by Zoniro. More
importantly the Court ordered the unfreezing of the bank account held by DCI's
Greek operations at Kilada development. Since MCO's bank account was released
and is fully operational again.

 

Enquiries

 DCI Advisors Ltd

 Nicolai Huls / Nick Paris, Managing Directors                              nickparis@btinternet.com (mailto:nickparis@btinternet.com)

                                                                            +44 (0) 7738 470550
 Cavendish Capital Markets (Nominated Adviser & Broker)

 James King / Jonny Franklin‐Adams / Edward Whiley / Oscar Valeur‐Adu
 (Corporate Finance)

                                                                          +44 (0) 20 7220 0500
 Pauline Tribe (Sales)
 FIM Capital Limited (Administrator)                                        llennon@fim.co.im (mailto:llennon@fim.co.im) / gdevlin@fim.co.im

                                                                          (mailto:gdevlin@fim.co.im)
 Lesley Lennon / Grainne Devlin (Corporate Governance)


 

 

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