Corporate gas war set to explode

A multi-million dollar corporate battle over gas and oil continued yesterday before Justice Sebastian Ventour in the Port-of-Spain High Court. Warring over the two companies — Mora Ven Holdings Ltd and Mora Oil Ventures Ltd — with assets of well over $100 million, are major shareholders George Nicholas and Dr Krishna Persad. Yesterday, attorneys for Nicholas moved to have the court strike out certain parts of Persad’s defence and counterclaims. One of the major points was Persad’s claim that Nicholas used force to take control of the company’s oil platform. Ventour is yet to rule on these submissions.

Attorneys for the other side also made an application, claiming that Persad would be prejudiced because of the long delay the matter took before coming to trial. This would affect the presentation of his case in terms of witnesses and memory, said his lawyer. Ventour would also rule on this application when the matter is next called. Nicholas’ attorneys would have to respond to this application by affidavits. Already this week, Nicholas suffered a major blow when Persad’s lead counsel, Clive Phelps, was successful in striking out Nicholas’ claim for “oppression” remedy in respect of Mora Ven. It is a claim in court that minority shareholders make when bullied by the majority.

This claim was not properly laid before the court, and Nicholas’ new team of attorneys, led by Avory Sinanan SC, moved swiftly to file an application of amendment to have the matter properly reconstituted before the court, even after two and a half years. The judge would again have to rule on the issue. The battle between these two businessmen dates back to 2002, after Nicholas bought up a sizable share of the corporate business, giving him control from Persad. During a court battle to remove Persad, Nicholas seized the oil platform using armed men and helicopter, and took control on October 11, 2002. Nicholas then filed a claim that Mora Oil Ventures Ltd was being “oppressed” by Persad. His claim is against Dr Krishna Persad and Associates Ltd. Representing Nicholas are Sinanan, Darin Bissoondath, Lydia Mendonca, Shastri Roberts and Patricia Roberts. Persad’s team is Clive Phelps, his son Justin Phelps and Nicole De Verteuil-Milne instructed by Phelps and Co.