|By Marketwired .||
|March 7, 2014 05:25 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 03/07/14 -- In a landmark decision released today, Ontario Superior Court Justice Mary Anne Sanderson exonerated Canadian businessman Alex Shnaider, his business partner Eduard Shyfrin and their company, Midland Resources Holding Ltd., in a civil proceeding regarding a joint venture to develop Russian oilfields involving two companies, Magellan Energy Ltd. and Koll Resources Ltd., in the mid-2000s. Justice Sanderson found that Mr. Shnaider, Mr. Shyfrin and Midland Resources were the victims of unlawful, deceitful and fraudulent actions, and she awarded Midland Resources tens of millions of dollars in compensatory damages.
"This is a complete exoneration of Mr. Shnaider and Mr. Shyfrin," said Symon Zucker of Toronto law firm Danson & Zucker, who with Kenneth Prehogan and Kim Mullin of WeirFoulds LLP comprised the plaintiffs' legal team. "Justice Sanderson's decision makes it clear that our clients suffered significant financial damages as a result of an elaborate series of frauds and deceits, and were also the victims of spurious allegations that were clearly intended to damage their reputations."
"We are thrilled to bring this matter to a successful conclusion," added Kenneth Prehogan, "which amounts to a complete vindication for our clients."
Justice Sanderson's detailed and lengthy decision concludes a civil litigation case that began more than seven years ago. (Citation: Midland Resources Holding Ltd v. Shtaif., 2014 ONSC 997.) Among other misconduct, Her Honour found that:
-- Defendants Michael Shtaif, Irwin Boock (aka Irwin Krakowsky), Stanton De Freitas and Eugene Bokserman made false misrepresentations to induce Midland Resources to invest $50 million into what was eventually revealed as a sham company. -- Defendants Shtaif and Gregory Roberts, a lawyer, breached fiduciary duties and used false misrepresentations to induce Mr. Shnaider and Mr. Shyfrin to continue their investment, first in Magellan and then in Koll Resources. -- Defendant Shtaif made false statements and breached fiduciary duties concerning approximately US$12 million in bank notes that were to be used in a failed transaction to acquire a Russian oilfield in 2006. -- Defendants Shtaif and Roberts attempted to illegally seize control of Koll Resources in 2007.
Furthermore, Justice Sanderson rejected highly publicized allegations made by the defendants against Mr. Shnaider and Mr. Shyfrin, who have vigorously and consistently denied those allegations. Even before they started legal proceedings, the defendants repeatedly threatened to use these false claims against Mr. Shnaider and Mr. Shyfrin in the media.
According to Mr. Shnaider, the false and misleading allegations made by Shtaif and others were an important factor in his determination to see the court case through.
"Mr. Shyfrin and I were determined not to give in to threats," said Mr. Shnaider. "We recognize that sometimes business deals go wrong, and even when we realized we had been defrauded we were prepared to walk away from these people and simply move on. But in this case, the defendants threatened to go to the media with their lies if we didn't agree to their demands. Then, when they realized we would not capitulate, they filed a number of court claims that put these groundless accusations onto the public record, and there were anonymous 'leaks' to reporters. That's how the legal battle began. We refused to be bullied into settling the matter, despite all the negative media attention that we knew their accusations would - and did - attract."
The defendants' false and inflammatory allegations included attempted kidnapping, bribery of Russian police, conspiracy and extortion, as well as a claim by Shtaif that he was threatened with a gun in a Moscow police station. That allegation and others, which were widely reported in the media during the court case, were rejected by Justice Sanderson, who found that Shtaif was not a credible witness.
"Mr. Shyfrin and I have had to endure these allegations for several years, but we were determined to have our day in court," added Mr. Shnaider. "Today's decision shows that we were right not to give in."
Justice Sanderson assessed Midland Resources Holding Ltd.'s damages against individual defendants in the following amounts, including interest:
-- Michael Shtaif: US$59,559,512.97 -- Gregory Roberts: US$59,559,512.97 -- Irwin Boock: US$8.27 million -- Stanton De Freitas: US$8.27 million -- Eugene Bokserman: US$1.5 million
Media contact: Veritas Communications
+1 416 955 4598 or Mobile: +1 416 616 2141
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
Apr. 24, 2017 03:00 PM EDT Reads: 1,828
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Apr. 24, 2017 02:45 PM EDT Reads: 505
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Apr. 24, 2017 02:15 PM EDT Reads: 1,028
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Apr. 24, 2017 01:45 PM EDT Reads: 396
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Apr. 24, 2017 01:30 PM EDT Reads: 522
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Apr. 24, 2017 01:15 PM EDT Reads: 2,110
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Apr. 24, 2017 12:45 PM EDT Reads: 538
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
Apr. 24, 2017 12:00 PM EDT Reads: 2,078
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
Apr. 24, 2017 12:00 PM EDT Reads: 2,368
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTred processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
Apr. 24, 2017 11:45 AM EDT Reads: 2,608
Did you know that you can develop for mainframes in Java? Or that the testing and deployment can be automated across mobile to mainframe? In his session at @DevOpsSummit at 20th Cloud Expo, Vaughn Marshall, Sr. Principal Product Owner at CA Technologies, will discuss and demo how increasingly teams are developing with agile methodologies using modern development environments and automating testing and deployments, mobile to mainframe.
Apr. 24, 2017 11:30 AM EDT Reads: 1,010
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Apr. 24, 2017 11:00 AM EDT Reads: 460
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
Apr. 24, 2017 11:00 AM EDT Reads: 3,284
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Apr. 24, 2017 10:30 AM EDT Reads: 409
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Apr. 24, 2017 10:15 AM EDT Reads: 4,759