Kingstown Partners / Orco Property Group Dispute

Kingstown Partners increase their claim against Orco Property Group for an overall amount of EUR 157 millions

(PresseBox) ( Luxembourg, )
On October 23, 2018, KINGSTOWN PARTNERS MASTER Ltd., a Cayman Islands exempt company, KINGSTOWN PARTNERS Il, LP and KTOWN LP, 2 Delaware limited partnerships (together "Kingstown Partners") filed additional submissions through their Luxembourg law firm M&S Law before the Luxembourg commercial court (Tribunal d'Arrondissement de et à Luxembourg) in order to increase their claim of their pending court case against Orco Property Group (OPG) and related parties based on alleged illegal operations, which took place between 2013 and early 2014.

These additional submissions were made further to two decisions of the Luxembourg financial regulator ("CSSF") who informed the public on December 8, 2017, of among others:

· the existence of an undisclosed concert action with respect to OPG in breach of Article 3(a) and (d) and Article 5(1) and (3) of the Takeover Law. This decision has been taken on the basis of an investigation report dated 19 January 2017 relating to the existence of an undisclosed concert action with respect to OPG between certain concert parties and covering the period from 1 September 2012 until 30 June 2016 (CSSF PRESS RELEASE 17/40); and

· omissions and/or misstatements in the Crestline Ventures Corp. and Gamala Limited's press release of 18 October 2012, qualifying as market manipulation under Article 1(2)(c) of the Market Abuse Law (CSSF PRESS RELEASE 17/41).

Notwithstanding the fact that the decisions by the CSSF are currently being challenged before the administrative court of Luxembourg, Kingstown Partners increased their claim before the Luxembourg commercial court in order to draw the necessary conclusions from the above mentioned decisions.

Kingstown Partners' total claim to date therefore currently amounts to EUR 157'356'517.43 (one hundred fifty seven million three hundred fifty six thousand and five hundred seventeen Euro and forty three Cents) including interests, without prejudice to other amounts including accruing interest as from October 23, 2018 and possible further claims.
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