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A bizarre world: GrandMet, Saudi, Priceline, and rates
Dear Insider,
A further hearing was held at the Amsterdam court regarding the structure and transparency of Grand Metropolitan Hotels Holding B.V. (GrandMet). The court had previously removed the Smura family from management and replaced them with an independent lawyer. However, the lawyer has not yet been granted access to key documents. The financial mystery still centres on the Genisys AI software. The court had already cast doubt on its value during the hearing. Lawyers were, and still are, searching for evidence and sources of funding within this vast corporate network. Kateryna Smura was expected to provide the answers. It's all still rather bizarre, but the judges aren’t letting up.
And they are perfectly entitled to their obstinacy. The GrandMet case is being heard before a specialised Dutch commercial court which deals with commercial disputes. It is one of the most unusual courts in Europe. For example, it can suspend managing directors and members of the supervisory board, appoint independent successors, block company resolutions and place shares under temporary independent administration. In an interview today, Dutch lawyer Onno Hennis – whose firm does not represent either party – explains the extent to which the court can act in the GrandMet case.
