Petrocapital Resources PLC and Former Chairman Olympitis Settle Their Claims Against Former COO Axel von SchubertBy L-attorney, PRNE
Monday, July 26, 2010
VADUZ, Liechtenstein, July 27, 2010 - A four-month-long legal battle initiated by Petrocapital Resources plc
and its former Chairman Manoli Olympitis against former COO Axel von
Schubert, which has cost Petrocapital's investors well over GBP170,000 in
legal bills without having obtained any tangible results, benefits, or added
shareholder value, was settled in London on Tuesday 20th July, 2010.
"I'm relieved, and I've just received the news from Axel von Schubert by
telephone from Monaco where he's entertaining friends on the Greek yacht
Christina O," said Hermann Ludescher, a shareholder attorney.
"I, as well as the shareholders, welcome this settlement as it curbs
further unnecessary company capital outflow; but we very much question the
contents, appropriateness and circumstances surrounding Mr von Schubert's
apology to Olympitis as part of this settlement action by Olympitis.
"We wish to emphasize that we don't agree with the content of the
apology, which only relates to a handful of personal emails and in no way
covers any publications or open criticisms voiced by shareholders in the
past, in any way or form. We also wish to emphasize that under the terms of
the settlement, Olympitis and Petrocapital paid von Schubert a far more
substantial sum to settle the claims than the published GBP 25,000 von
Schubert paid in damages.
"We intend to continue to relentlessly pursue the company and its former
Board for potential irregularities and misconduct.
"There has already been a positive response and interest from the FSA
with regards to our complaint and we expect an investigation to be launched
"The shareholders and I wish to compliment and thank Axel von Schubert
for his past honorable efforts in fighting for our rights against a series of
past board abuses, often under difficult circumstances.
"The shareholders and I have always unconditionally stood behind Mr von
Schubert in all his actions and completely approve of and agree with all his
past steps taken to secure shareholder and investor interests.
"It is, after all, the opinion and voice of the shareholders which
ultimately counts," said Mr Ludescher.
Contact: L-Attorney, Pflugstrase 22, 9490 Vaduz, E-Mail: info at l-attorney.com; Hermann Ludescher, Tel: +423-232-11-40 (Vaduz), E-Mail: hermann.ludescher at l-attorney.com
Tags: July 27, L-attorney, Liechtenstein, Vaduz