CPI rejects Kingstown charges in U.S. lawsuit over Orco
CPI has rejected charges brought against in a suit brought against in the United States by the investment group Kingstown surrounding the takeover of Orco Property Group. Kingstown claims CPI should have, but failed to offer to buy out the other shareholders in the company once it controlled 40 percent of Orco. It also charges CPI of asset stripping by selling off assets at unrealistically low prices. In a press release. "The filing of the complaint in the United States is merely another attempt by Kingstown to seek inappropriate remedies and to exert unlawful pressure on CPIPG," wrote CPI. "This new lawsuit is meant to harm CPIPG, and as such, CPIPG will take all appropriate action to defend itself and its shareholders." The statement went on to question the whole basis for the suit, saying a United States court could have no jurisdiction over events described in the suit.