Africa-Press – Liberia. The Commercial Court has placed a preliminary injunction on Palm Spring Resort, on the National Lottery Authority and on the Liberia Business Registry. The purpose is to temporarily stop Palm Spring gaming or the proposed Colony Casino from operating until the court can go through the case of the real ownership of the business and verify accounts and records.
The court’s action is based on the complaint filed by Issam Kamand on his brother Najib Kamand, who he claims has been single-handedly making decisions without his knowledge and consent.
Najib is said to have accumulated debts in the tune of over US$3.5 million and his brother Issam, who holds 49% in the business, wants to know what he did with the money and what other money he owes.
Instead of sitting down with his brother to compromise, Najib decided to change the casino name and cut his brother out of the business all together. He is using the same Palm Spring building, the Palm Spring machines, equipment, workers and generators but yet his brother will not be part of the new casino.
It is alleged that Najib decided to transfer the Palm Spring casino license to a new casino name Colony and file for Palm Spring Bankruptcy leaving his brother and other people that Palm Spring owes holding the short end of the stick. This strategic plan will leave his brother with Palm Spring Casino that has no casino license. The License would have been transferred to Colony Casino, that is why the court is putting a halt to the new business registration and new casino license being issued until determination is made.
Issam’s lawyers have filed for a motion of accountability on suspicion that his biological brother cheated him out of his dividends and his brother Najib, had allegedly taken over US$3.5 million loans accruing interest and penalties that could hurt the business in the future.
The doors of Palm Spring were shut down early Wednesday morning at 8am leaving scores of creditors wondering what steps they can take to recover their debts.
A source closer to Palm Springs CEO’s brother said: Issam Kamand who is a bother by mother and father to Najib Kamand, explained that this case has divided the whole family and created a lot of tension and they hope the courts will rule soon so they can move forward with their lives.