Northside Phase 1 Newsletter
SUBJECT: PARADISE BEACH ARRESTO
In July 2011 Tom Sheehy through his company’s Cape Verde Developments (CVD) & Balwerk IX LDA (Balwerk) applied for and was granted a provisional Arresto against Paradise Beach by the Judicial Courts in Sal on foot of claims for monies allegedly owed by Paradise Beach to CVD & Balwerk. An Arresto is a temporary injunction granted to a claimant to prevent the disposal of assets by a debtor pending the hearing of a full law suit to determine the validity of a claim by a creditor and is heard in secret by the courts without the debtor being present or being allowed to respond.
Upon being informed of the existence of the Arresto in August 2011 Paradise Beach lodged a full and vigorous defence against it on the 5th September 2011 demonstrating the falsifications upon which it was based and requesting its immediate removal, a basic requirement of any Arresto in Cape Verde is that the claimant lodge a full law suit sustaining the Arrestowithin a defined period of time in the Cape Verde courts, CVD/Balwerk has never lodged any law suit against Paradise Beach in Cape Verde in support of this Arresto.
To date the Cape Verde courts have failed to deal with this matter and accordingly the temporary Arresto granted to CVD/Balwerk in July 2011 is still in force despite repeated attempts by Paradise Beach to either have it removed or alternatively have the Arresto confined to assets of the company excluding completed properties awaiting sale completion. The latest update that we have from the supreme court in Praia is that the file has been returned to the local judge in Sal for a decision and we are hopeful that this determination will be issued before the end of July.
Paradise Beach arevery optimistic that this decision will find in our favour as we are advised by our Cape Verde lawyers that this claim is groundless. Paradise Beach views it as no more than an attempted blackmail by Tom Sheehy and his company “ Go 2 Cape Verde “ to force the company into settlement negotiations in advance of high court proceedings scheduled to take place in Ireland in December this year between Paradise Beach and Mr Sheehy & Go 2 Cape Verde.
We will keep you informed of developments.
Paradise Beach SA