Chief Justice Ian Chang last Friday issued an order preventing UK citizen Timothy John Ashworth-Foster, the owner and director of timber company Tigerwood Guyana Inc., from leaving Guyana pending determination of a $100M suit filed by a former director of the company.

The order directs that Ashworth-Foster not leave or attempt to leave pending the determination of the action filed by Kadim Khan, and until he has given security in the sum of US$520,000 to Khan.

In a writ against Ashworth-Foster, filed by attorney Anil Nandlall, Khan claims the sum as an amount due, owing and payable under the terms of a Settlement and Share Sale and Purchase Agreement dated January 19, 2010.

Under the agreement, Khan stated that Ashworth-Foster agreed to purchase his shares in Tigerwood Guyana Inc., for the sum of $US670, 000.

The sum was to be paid in monthly instalments, under terms that if one instalment was not paid the whole amount became due. Khan says that only the initial sum of $US150, 000 was paid. As a result, he is claiming for the entire remaining balance.

The case is fixed for September 22 in the Commercial Court.

Tigerwood and sister company Arvoredo Associados Ltd. specialise in plywood and allied timber products from South East Asia and Guyana.

Tigerwood also has a ten-year contract with Iwokrama to conduct sustainable timber harvesting here.