Shareholders should be aware that in the past BOQ has refused to consent to an action being brought on behalf of the joint venture company whilst at the same time in its defence submitting that any losses that have been suffered can only be recovered by the joint venture company. This would have meant, in the absence of today's judgment, that had Metyor's claims been upheld but the Court found that the damages properly belong to the joint venture company, the joint venture company would then have had to reinstitute proceedings and start litigation afresh.
In addition, Metyor wishes to advise that, further to its announcement of 28 June 2002:
1. BOQ withdrew its application for further security to cover its pre-trial costs and agreed to pay Metyor's costs of that application;
2. All amendments which Metyor sought to make to its Statement of Claim and which BOQ refused to consent to have now been allowed by the Court; and
3. BOQ has made further disclosure of documents which it previously contended were privileged. BOQ and its solicitors are also reviewing other documents which Metyor has contested are privileged. The Court will resume hearing arguments on privilege on Thursday, 1 August 2002 (Metyor having being awarded costs thrown away by reason of the adjournment of that application).
The opening of the case is scheduled to occur on Wednesday, 7 August 2002. Further information on the litigation is provided in Metyor's earlier filings of 20 November 2001, 26 February 2002 and 28 June 2002, available at this internet address:
www.bsx.com/cgi-win/bermuda-inc.exe/bsx-news-releases