Multivision's Nazerali cross-examined re First Commerce
2015-04-16 20:23 ET - Street Wireby Stockwatch Business Reporter
Vancouver stock promoter Aly Nazerali, the plaintiff in a defamation lawsuit against the Deep Capture website, continued his cross-examination this morning by libel lawyer Roger McConchie, who represents most of the defendants. Mr. McConchie focused on an abandoned agreement by Mr. Nazerali and associates to acquire the controversial Dutch firm First Commerce Securities in the mid-1980s. Mr. Nazerali had earlier testified that through this agreement, he met Irving Kott, whom he understood at the time to be a consultant.
By way of background, Mr. Kott was a Canadian stock promoter with a history of civil and criminal violations. The Deep Capture statements that Mr. Nazerali finds defamatory claimed that Mr. Nazerali negotiated with Mr. Kott to acquire a boiler room in Amsterdam -- First Commerce Securities -- which sold worthless or virtually worthless shares. First Commerce Securities collapsed after being raided by Dutch authorities in 1986.
In response to questions from Mr. McConchie, Mr. Nazerali testified that talks about potentially acquiring Amsterdam-based First Commerce began in November and December, 1984. He said the final details were sorted out during a two- or three-day meeting at his offices in Luxembourg. Mr. Kott arrived late on the first day or on the second day, said Mr. Nazerali, who recalled that First Commerce's managing director said she invited Mr. Kott because he had some sort of relevant experience.
Mr. Nazerali testified that the parties signed what he called a "conditional purchase agreement" for First Commerce in December, 1984. (Mr. McConchie referred to it throughout the cross-examination as an "acquisition agreement," without the adjective "conditional.") In January, 1985, continued Mr. Nazerali, he and his associates took over the First Commerce offices.
After some time, it became clear that not all of the terms of the December, 1984, agreement were being satisfied, said Mr. Nazerali. The result was a rescission document.
Mr. McConchie pointed out that the court does not have this document, or the December, 1984, agreement, despite their importance and the fact that Mr. Nazerali had kept other legal documents over "all these years." Mr. Nazerali responded that in February, 1987, he gave his original copies of the acquisition and rescission documents to his counsel at the time, Alberta Wildgen, and could not recall if photocopies were made. Asked whether he had tried to obtain the documents from Mr. Wildgen since starting his litigation against Deep Capture, Mr. Nazerali responded, "I have made no efforts."
Mr. McConchie sought to establish details of the documents and other matters relating to First Commerce, but Mr. Nazerali found them difficult to remember. Several times during the morning proceedings, the court heard variations of, "I can't recall," "I'm trying to recollect as best I can from 30 years ago," and, "No, I can't be more specific."
Mr. Nazerali is represented in the case by Vancouver lawyer Dan Burnett. |
