Engel East prevented from disposing Canadian assets
Date: Friday 11 Apr 2008
LONDON (ShareCast) - Property group East Engel Europe said it is not allowed to dispose its Canadian assets without the approval of the court.
The group said its assets in Canada are subject to litigation, which has been brought by a local real estate development company and one of its shareholders against companies connected to Engel East. The group stressed it was not mentioned.
"The Court adjudicating on this matter has imposed certain safeguard orders against the Company's Canadian assets, as a consequence of which the Company is forbidden from disposing of these assets without the approval of the Court so to do," said the group.
"At this stage, the company is unable to comment on any of the likely outcome of the litigation or its duration, or the likelihood of obtaining Court approval to dispose of the assets," it added.
The group still remains intent in disposing its Canadian assets, it said.
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