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$700 million court case against Liz Harper’s son further delayed
The case against Reagan Pollard, the son of People’s Progressive Party Civic, PPP/C Prime Ministerial candidate, Elisabeth Harper, was once again put on hold.
Reagan Pollard
Pollard is involved in a bitter court battle over $700 million owed to the overseas-based LLC Puruni Mining.
Earlier last month, an adjournment was granted in the matter after Pollard failed to file his defence in response to the court action against him, last December.
Yesterday, the matter, which was scheduled to be heard before Commercial Court Judge, Justice Deo Rishi Persaud was once again deferred to a later date.
However, this time the adjournment was due to the fact that only an attorney representing Pollard showed up to the hearing. As such, the case is set to continue May 22.
The lawsuit brought against Pollard outlined that the local miner was given the money by the overseas-based company to be invested in the mining industry. However, investors never received the agreed returns.
The investment was subsequently amended to become a loan agreement that Pollard agreed to repay.
However, the legal document which was filed last December stated that, Pollard was scheduled to repay US$230,000 by last October but he has either “failed, neglected or refused,” to honour the agreement.
The court documents specified that the defendant only issued payments to the tune of US$31,614.
According to court documents on April 17, 2012, Puruni LLC formally entered into a joint venture agreement with Pollard and his company, Reflex Mining Company Inc., for the purposes of operating a dredge or dredges on Pollard’s mining claims.
The investors had agreed to fund the joint venture by providing a loan up to US$3 million but invested a total of US$2.8 million over a period of time. The deal turn sour after the investors were not receiving the agreed returns from Pollard.
Pollard eventually met with the investors who agreed to amend their previous agreement and settle the matter by turning their investment into a loan that he agreed to repay. This was after the investors threatened legal action against him.
A document purporting to be some kind of promissory note was then prepared and signed by Pollard and his mother, Elisabeth Harper, agreeing to honour the commitment to repay the $700M loan with interest, beginning October last year.
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