Court begins hearing lawsuit against Cable & Wireless

Hearing in the class-action lawsuit brought by more than 300 former minority shareholders of Cable & Wireless (Barbados) Limited got underway in the High Court on Monday.

While the parties are not allowed to comment on the proceedings, Barbados TODAY has been reliably informed that Ricky Went, one of the ex-minority shareholders at the forefront of the suit that was filed in November 2017, was the first witness on the stand.

The trial, which was delayed by the COVID-19 pandemic and a series of legal and procedural issues, is scheduled to last for most of this month.

The former shareholders are challenging the telecommunications giant’s decision to compulsorily acquire their shares.

Speaking previously on behalf of the group, Went said he and the other claimants were confident of winning the case.

“Not only are minority shareholders upbeat, but also they are anxious to plead their case in court, as they have uncovered some striking information,” he told Barbados TODAY last month.                                                                                                                                                   Went charged that in 2017, Cable & Wireless Barbados Ltd “squeezed” out the small shareholders through an amalgamation with Cable & Wireless West Indies (CWWI) that was oppressive and unduly prejudicial to, and unfairly disregarded the interests of the minority shareholders.

He said his fellow shareholders felt strongly then, and still do, that as the majority shareholder of the Barbados affiliate, CWWI should not have been part of the voting process in relation to the amalgamation and the share price of BDS$2.86 which was unilaterally set by the company.

Redress being sought by the minority shareholders includes, but is not limited to, shares, more cash, or a combination; issuance of the appropriate number of shares in the amalgamation entity to each minority shareholder who wishes to remain a shareholder; payment to each small shareholder who wants to sell their shares, consistent with the fair value of each share of the company; and provision of appropriate damages for the violation of the rights of the minority shareholders.                                                                  They are also asking the court to order the payment of dividends and the reasonable costs and legal fees incurred in connection with the enforcement of their rights. (EJ)