…to pay Ram $75,000.00 costs
LAWYER/Accountant Christopher Ram who was sued by the firm of Cara Investments Limited for millions of dollars for breach of contract and misrepresentation to the shareholders of Hotel Tower in his capacity of Receiver/Manager of the hotel, won his case against CARA yesterday. Acting Chief Justice Mr. Ian Chang, S.C. who heard the action, ordered CARA to pay $75,000. costs.
On 9th April 1999, the added defendant, the Bank of Nova Scotia duly appointed Mr. Christopher Ram,  the defendant, as Receiver/Manager of Hotel Tower Limited in favour of the Bank of Nova Scotia.  The High Court contributed to the appointment of Mr. Ram as Receiver/Manager on 12th April 1999.
Mr Ram assumed duties under the said appointment on 9th April 1999 when the indebtedness of the hotel was estimated at US $$2,538,102.  On the 12th and 17th November, 1999, in his capacity as Receiver, Mr. Ram advertised in the Stabroek News, a daily newspaper of general  circulation, a request for proposals for the  purchase of the assets of the hotel. In those advertisements, he expressly reserved the right “to terminate the process at any time before any definite agreements are executed.”
On the 23rd December, 1999, the plaintiff, Cara Investments Limited, in response to the said advertisements, submitted a  proposal document(Exibit  WW1).
In his decision, the Chief Justice said that on the 25th January, 2000, CARA filed proceedings  against the defendants, Mr. Ram and the Bank of Nova Scotia.
CARA had, among other things, claimed $2M dollars as damages for misrepresentation and breach of legal requirements and injunctive orders.
Dismissing the action, the Acting Chief Justice said, “The court is unable to discern or imply from the evidence any misrepresentation on the part of the Receiver (Mr. Ram) that he would have at least considered the tenders fairly before rejecting them in the light of the wide power of rejection contained in the Cancellation Clause of the RFP.
“Accordingly, this action is dismissed on the ground that the evidence does not suffice to support the material allegations of fact stated in the statement of claim.
“There will be costs in the sum of $75,000.00 in favour of each of the two defendants.