Pattihi v CAF Computers Limited & Others

Details

Pattihi, represented by Yiannos Georgiades, successfully claimed back the money which he had invested in buying shares from CAF. Pattihi had paid CYP20,000 for shares which he had agreed with the director of CAF to buy as a result of a representations made by the director that an application had been made to register the shares on the Stock Exchange, which would have increased the value of the shares. Pattihi then bought a further CYP10,000 worth of shares from the company. The Stock Exchange then rejected the application.

Pattihi requested that his money be returned. CYP10,000 was returned and the director said that the whole amount would be later returned. However, this did not happen. The lawyer acting for Pattihi, Yiannos Georgiades, relied on Article 3 Law 168(1) 2002, according to which, where the issuer of the shares was paid money to get titles of shares or made representations that the shares would enter the stock exchange, he was obliged to return the money or any other consideration with 7% interest within 30 days of receiving notices that the money was required to be returned, as long as the issuer received the money before 1 March 2002 and by the date when the law took effect, the titles of these shares had not been listed on the stock exchange. According to the evidence, the Court decided that these requirements had been fulfilled and ordered that the money should be returned to Pattihi

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