December 30th – 2010

TELECONFERENCE (Thursday 30th December 2010) DATE: Thursday 30th December 2010 BEFORE: The Hon. Mde. Janice George-Creque, Chief Justice [Ag.] The Hon. Mde. Ola Mae Edwards, Justice of Appeal The Hon. Mr. Davidson K. Baptiste, Justice of Appeal SAINT LUCIA Case Name: Ansis Sormulis v Rudolf Meroni et al [Civil Appeal No. 40 of 2010] (Territory of the Virgin Islands) Appearances: Applicant: Mr. Daniel Wise Issue: Ex-parte application for interim relief – Extension of deadline for placing bearer shares with a custodian pursuant to section 35, Schedule 2 of the Virgin Islands BVI Business Companies Act, 2004 Result: The without notice application for interim relief is dismissed. Reason: The reasons as set out in the order dated 30th December 2010 are as follows:

1.Section 35(4) of Schedule 2 of the Virgin Islands BVI Business Companies Act, 2004 (“the Act”) without clear expression does not permit an application for the extension of time after the transition date has passed;

2.Section 36 of the Act sets out the consequences for disabled bearer shares;

3.Section 37 of the Act gives power to the Commission to apply to the Court for the appointment of a liquidator;

4.The appointment of a receiver is not proven to be necessary to aid the Swiss court as that order was an interim order and there was no evidence that the bearer shares are lost;

5.The present application for interim relief is made with a view to avoid the consequences of the Act and that is not a good reason for the appointment of a receiver.