Ex-GBST Management Sunil Shah and Terry Williams Defend Claim & Counterclaim

LONDON--(BUSINESS WIRE)--Sunil Shah, former head of Global Broker Services Division at GBST and previous Chief Executive Officer of Coexis Limited (acquired by GBST) together with Terry Williams, founder of Wilco and the former Chairman of GBST Europe have today issued a joint statement that they are vigorously defending GBST’s breach of warranty claim against them.

“This litigation has been hugely costly to date for both parties in time and money”

Although the matter cannot be discussed in detail as legal action is on-going, Mr Shah and Mr Williams confirmed two separate counterclaims are in progress against GBST in the UK. Separately, Mr Shah and Mr Williams have commenced litigation against GBST in Queensland. This claim seeks to recover material losses suffered due to a holding lock placed over GBST shares, on instructions allegedly given by GBST officers.

“This litigation has been hugely costly to date for both parties in time and money”, said Shah, “which is somewhat frustrating for us as we consider that the instigation of litigation by GBST was ill-founded from the outset. We will continue our vigorous defence of that litigation, whilst pursuing our own significant counterclaims.”