The assets of businessman Joseph 'Joey' Issa are no longer frozen as the Supreme Court yesterday set aside the freezing order which was granted on December 15, 2008.
St Ann businessman Arthur Von Strolley has filed a suit in the Supreme Court against Issa's company Wisdom Investments Holdings Jamaica Ltd, Joseph Issa and Sasha Harjani, secretary of Wisdom Investments, to recover damages for negligence arising from an investment.
After the suit was filed, Von Strolley applied to the Supreme Court on December 15 last year for an order to freeze Issa's assets and was successful.
Issa, who is being represented by Pamela Benka Coker, QC, and Michele Champagnie, applied to the Supreme Court to have the freezing order set aside. Issa contended that that Von Strolley's affidavit was riddled with lies and misinformation.
Supreme Court Judge Patrick Brooks, after hearing legal submissions yesterday, set aside the freeze order.
The judge set aside the order because he said it was in breach of the court rules which states that a freeze order must be for 28 days when it is granted on an ex parte application.
The order, which was granted on December 15 last year, was to remain in force until the hearing and determination of the lawsuit.
The judge had suggested to attorney-at-law Abe Dabdoub, who represents Von Strolley, that he could renew the application for the freeze order but Dabdoub said he was not prepared to make the application yesterday afternoon.
Dabdoub applied for leave to appeal the judge's ruling and the application was granted. The judge turned down an application for a stay of his order which would have meant that the assets would have remained frozen until the appeal was filed.
Induced to invest
Von Strolley is contending in the suit that Issa induced him in June 2007 to invest US$1.9 million with Wisdom Investments. He claims that there was an agreement that he would get four per cent interest per month on the principal.
He also claims that since February last year he has not received any returns on his investment and contends further that despite repeated demands, he has not received the principal.
Von Strolley alleges that Issa told him that some of his money was invested with the troubled Olint TCI (Turks and Caicos Islands), which is operated by Olint's boss David Smith, but Von Strolley is alleging that such an investment was done without his authority or instructions.
In court documents, Issa said he and Harjani had no personal dealings or contract with Von Strolley. He also said that Wisdom Investments Holdings Jamaica Ltd had no dealings with Von Strolley.