GUYANESE businessman Antonio Torres De Oliveira of Hotel Bahia in Robb Street, Georgetown, has locked horns with FT Minerals Inc. in legal battle before Justice Rishi Persaud over ownership of a $17M excavator.

Karim DeToledo, second-named defendant, is agent of first-named defendant FT Minerals Inc, and has been duly authorised to enter into transactions on behalf of the first-named defendant.

By an agreement of sale dated March 12, 2014, the plaintiff purchased, and the defendant agreed to sell, an excavator, model SK210 LC, for the sum of $17M. To seal the transaction, the plaintiff made downpayment of $1.7M, and was given 18 months to pay the remainder of the purchase price.

But the plaintiff subsequently discovered that the excavator was faulty and/or problematic, and in consequence thereof had to expend significant sums to effect repairs. This caused De Toledo to threaten repossession of the excavator, although the purchase time set in the agreement had not expired.

Consequently, the plaintiff is claiming the following reliefs from the defendants:
(a) Specific performance of the agreement of sale.
(b) An application that the matter be made inter-partes.
(c) That the plaintiff be granted an ex-parte interim injunction.
(d) An injunction restraining the first and second-named defendants from encumbering, selling, pledging, and/or disposing of excavator model SK2010 LC in any manner howsoever or whatsoever.

It is believed that when the matter becomes inter-partes, the parties would strive for a solution to their problem.

(By George Barclay)