Tri Ri, a Canadian assets management firm, has rejected allegations made in the High Court against it after a judge granted a short-term order freezing up to €50 million worth of its assets.
San Leon plc, the Dublin-based oil and gas firm, alleges that Tri Ri Asset Management Corp failed to honour an investment agreement, in which Tri Ri purportedly agreed to swap shares in US technology firm Palantir worth almost €50 million for shares in San Leon.
On Wednesday, Mr Justice Brian Cregan granted lawyers for San Leon a short-term order freezing up to €50 million in assets owned by Tri Ri. The judge also granted a short-term order restraining Tri Ri from selling its 419,000 shares in Palantir.
On Friday, Brian Kennedy SC, appearing with John Lavelle BL for Tri Ri, and instructed by Arthur Cox, said that while his client did consider an investment in San Leon, “that was on the basis of certain representations which have turned out to be untrue”. Mr Kennedy said they would deal with the allegations in replying affidavits.
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Mr Kennedy, who also appeared for the co-defendants, Tri Ri director Shan Ahamad Ali and chief investment officer Asad Ali, said the two men strongly denied San Leon chief executive Oisín Fanning’s claim that they made certain threats against him.
“The defendants refute all of the allegations made against them, we will deal with them as appropriately in the replying affidavit,” Mr Kennedy said.
He said he had “very significant” jurisdictional concerns, arguing Shan Ahmad Ali and Asad Ali are not “appropriate parties to these proceedings”. Both men live outside the State.
Mr Justice Brian Cregan clarified that the interim orders he granted are against Tri Ri, and not the other two co-defendants.
Gary McCarthy SC, appearing with Damien Harmon BL for San Leon, and instructed by Turner solicitors, said that if there was proof before the court that the assets at the centre of the proceedings are in the possession of Tri Ri, he “may take a certain view” on proceedings against Shan Ahmad Ali and Asad Ali.
“I may not need to go against the other defendants, despite the fact that we believe that they’re involved in these transactions,” Mr McCarthy said.
He added he would have concerns if it turned out the assets in question are not in the name of the company.
Mr Justice Cregan adjourned the case to next month to allow for the filing of affidavits.
Tri Ri, according to San Leon, holds shares worth $850 million (€790.7 million) and has additional assets under its management worth $1.2 billion (€1.1 billion).
In a sworn statement to the court, San Leon chief executive Oisín Fanning said that on February 14th, pursuant to a purported investment agreement between Tri Ri and San Leon, stockbroker JP Morgan confirmed the transfer to San Leon of Tri Ri’s 419,000 shares in Palantir. However, Mr Fanning claims that these shares “remain undelivered” to San Leon.
Mr Fanning alleges that both Shan Ahmad Ali and Asad Ali have been “intimately involved in interfering” with the transfer of the Palantir shares to San Leon.
Explaining the freezing orders sought from the court, Mr Fanning said that the Palantir shares at the centre of the proceedings are “readily tradable” and could be disposed of by Tri Ri at any time.
