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Streamed live on Dec 2, 2019
This matter involves a dispute concerning a large sum of money invested into the Caye International Bank Limited (CIB) by the Respondent, Tommy Lynn Haugen, as advised by the Second Appellant, Joel M. Nagel. Mr. Haugen, as a Director of the Pacific Paradise Limited (PPL) had signed a document in his capacity to facilitate the company’s receipt of a loan. After the company defaulted on the loan, Mr. Haugen claims that Mr. Nagel as Chairman of the Board, unlawfully sold his shares in CIB to offset the loan amount owned by PPL. Mr. Haugen claimed fraudulent misrepresentation and/or breach of contract against Mr. Nagel and CIB in the High Court and judgment was issued in his favour awarding damages. This decision was upheld by the Court of Appeal, but damages were awarded as part of the rescission instead of as fraudulent misrepresentation and breach of contract. The Appellants now appeal the decision of the Court of Appeal before the CCJ.