A Miami-Dade County Circuit Court jury hearing the lawsuit bought by former indirect minority shareholders against Fresh Del Monte Produce has found in favour of the company and its co-defendants, concluding that the acquisition of Fresh Del Monte by the IAT Group was conducted properly.
“Since the filing of this meritless litigation almost four years ago, we have always maintained that the acquisition of Fresh Del Monte by the IAT Group in December 1996 was proper and according to all legal requirements and consents,” said Mohammad Abu-Ghazaleh, chairman and CEO of Fresh Del Monte.
“We stated from the first day we saw their complaint that we would vigorously defend against these false allegations regarding the propriety of the sale of Fresh Del Monte to the IAT Group in 1996. Finally, we had our day in court and the jury has confirmed that we were right and that the plaintiffs’ allegations were without any merit. The truth prevailed.”