Case July
Case Dismissed! Ron Nechemia Prevailed in a Lawsuit  by John Snow
Los Angeles, CA – July 17, 2010 – Mr. Ron Nechemia the Chairman of the Board of Governors of the EurOrient Financial Group (“EurOrient”) has won another lawsuit which wrongly alleged fraudulent conduct, securities violations and maladministration.
California State Supreme Court Justice Mary H Strobel, in Los Angeles threw out the suit on July 14, 2010, which accused Mr. Nechemia of defrauding as the plaintiff, Grace Fakhoury, failed to assert any causal relationship to the fraud alleged. The claims dismissed included claims of fraud and breach of contract, negligent and misrepresentation.
“I am gratified, but not surprised, by this decision,” Mr. Nechemia said in a statement and he added “We have made an unwavering commitment to quality and integrity. I am firmly committed to lead the EurOrient Financial Group and to provide high-quality services around the world in an ethical and independent way. We know that the quality and integrity of our people and our work are vital to maintaining trust with stakeholders, and to sustaining and enhancing confidence in our profession and the capital markets. The EurOrient standard on integrity issue is clear – zero tolerance, meaning zero complacency and zero impunity.”
On May 2004 the plaintiff, Grace Fakhoury filed a complaint against Mr. Ron Nechemia the Chairman of the Board of Governors of the EurOrient Financial Group and the corporate defendants asserting all kinds of claims, among others, for breach of employment contract, violation of various California Labor Code provisions, fraud, defamation and alleged security violations in a legal matter known as Corral Vs EurOrient, which was filed against the various EurOrient’s subsidiaries and affiliates in 2003 of which the EurOrient Financial Group and EurOrient’s subsidiaries and affiliates were relieved by court’s ruling for failure by plaintiff to show cause (on demurrers).
Mr. Nechemia and the corporate defendants contended the Fakhoury’s claims are not sufficiently pleaded to state a cause of action and in more specifically in the claimed in connection with Fakhoury’s cause of action for fraud.
“Each of us well understands that serious charges so widely aired could threaten the effectiveness of the EurOrient Financial Group in contribution to developing countries and to economies in transitions,” pointing out Mr. Nechemia and he added “Now when we cleared the air, I would hope we would all calm down and focus on the essential agenda that we have ahead of us.”
About Mr. Ron Nechemia
Mr. Ron Nechemia is an international political economist and a political risk analyst specializing in country/political risks in Asia, with particular expertise in China. Mr. Nechemia’s unique wealth of knowledge has earned him many international awards and recognitions. He is frequently invited to consult and to advise in Special High-Level Policy Dialog to express its views and to share experiences on financing for development and on trade and investment related issues in front of the international community bilateral and multilateral organizations such as the Bretton Woods Institutions – the World Bank and the International Monetary Fund (IMF), United Nations General Assembly, United Nations Economic and Social Council (ECOSOC) and the World Trade Organization (WTO). Mr. Nechemia is a member of the UNCTAD/ICC Investment Advisory Council and recognized as a foreign financial expert by the State Administration of Foreign Experts, the People’s Republic Of China and he is frequently invited to advise and lecture on behalf of governments such as the United States of America, Republic of the Philippines, the People’s Republic of China, South Korea, and the State of California Department of Energy just to name a few.
About EurOrient
EurOrient Financial Group is a private sector global development finance institution accredited financial institution by United Nations General Assembly on Financing for Development. The mission of the EurOrient Financial Group is to support the economic and social development efforts of the less developed countries as they, in particular, seek to achieve the Millennium Development Goals (“MDGs”).
The EurOrient’s principal objective is to reducing poverty and promoting sustainable economic growth. EurOrient invests in projects and programs that promote social development, build human capacities, and address host government priorities for investments in physical infrastructure that promote and enhance social development. These projects include roads, transportation and communication systems, water, sanitation and other types of investments with social development outcomes such as improved quality of life and increased human knowledge and skills.
About the Author
PR manager at EurOrient Financial Group
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