07 August 1998
Legal bust-up over Geest banana sale
THE Windward Isles Banana Development Company is suing Geest for allegedly providing misleading information three years ago.
A joint venture between the Republic of Ireland-based Fyffes and a group of Windward Isles banana growers that bought the Geest banana business for £147.5 million is suing Geest for allegedly providing misleading information at the time of the sale.
Its two writs allege that Geest carried an inflated valuation of the its Costa Rican banana farm at the time of the sale and also that it was misled into offering a higher price for the business.
More than £50m is claimed in damages. Geest has dismissed the legal action as “mischievous”.
The writs come on top of a claim by Geest against Fyffes from last December which is due to be heard next month. Geest is claiming $27m (£17m) from Fyffes which it alleges should have been paid as part of a sale contract.
The Times 07/08/98 page 27
- Financial Times 07/08/98 page 18 (News Digest)
- The Daily Telegraph 07/08/98 page 26