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Irish court awards San Leon €15.7M in unpaid contract damages after Canadian firm failed to defend case.
Dublin-based oil and gas firm San Leon plc has been awarded approximately €15.7 million in damages by Ireland’s High Court after Canadian asset manager Tri Ri Asset Management Corp (Tram) failed to file a defence in a breach-of-contract case.
The dispute centered on a failed agreement where Tram was to exchange 419,000 Palantir shares for a 10% stake in San Leon.
The court granted judgment in default, calculating damages based on the value of the shares owed minus the stake transferred, plus 2% interest, totaling $18,171,500 (€15.69 million).
Tram’s legal team withdrew in October due to unpaid fees and communication breakdowns, and no new counsel was appointed.
San Leon also alleged conspiracy and intimidation against Tram’s directors, Shan Ahmad Ali and Asad Ali, but the award was based solely on the contract breach.
The case did not proceed to trial.
Un tribunal irlandés adjudica a San Leon 15,7 millones de euros en daños contractuales impagados después de que la firma canadiense no defendiera el caso.