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E-Land World, 2 others file corporate disclosure statement
E-Land World Co. Ltd., the majority shareholder of Coral Ocean Point Golf Resort, and two other companies that are being sued by attorney Vincent DLG. Torres have filed in federal court a corporate disclosure statement.
Pursuant to Federal Rules of Civil Procedure, lawyers representing nongovernmental corporate parties are required to file a disclosure statement that identifies any parent corporation and any publicly held corporation that owns 10 percent or more of its stock, or state that there is no such corporation.
Attorney Richard W. Pierce filed the corporate disclosure statements for his clients—E-Land World Co. Ltd., Micronesia Resort Inc., and Suwaso Corp.
According to Pierce, E-Land World Co. Ltd. has no parent corporation.
Pierce said the Micronesia Resort Inc. is owned by non-party E-Land Park Ltd. and by Sompo Japan Nipponkoa Insurance Inc.
The lawyer disclosed that E-Land Park Ltd. owns a majority of Micronesia Resort Inc.’s shares, while Sompo Japan Nipponkoa Insurance Inc. owns the minority remainder of Micronesia Resort Inc.’s shares.
Pierce said Suwaso Corp. is owned by Micronesia Resort Inc. and by Torres and a non-party individual.
Pierce said the Micronesia Resort Inc. owns majority of Suwaso shares, while Torres and a non-party individual are the other shareholders of record.
The lawyer said no publicly held corporation owns 10 percent or more of the stock of any of the entities.
E-Land World Co. Ltd., Suwaso Corp., Micronesia Resort Inc., and Kwang Won Seo, through Pierce, filed last week a notice to transfer to federal court Torres’ lawsuit against them and other co-defendants.
Torres sued E-Land World Co. Ltd., Suwaso Corp., Micronesia Resort Inc., and some of its current and former directors and employees for allegedly failing to provide a proper accounting, embarking upon a scheme to misappropriate business opportunities and funds, and negotiating loans over $5 million without proper authorization.
In his lawsuit, Torres discussed, among other things, the ownership of Coral Ocean Point Golf Resort.
