KPMG Inc. has filed a Motion before the Supreme Court of British Columbia to withdraw as Trustee in the involuntary bankruptcy proceedings of Erwin Singh Braich.
Vancouver, British ColumbiA (RPRN) 7/15/2009-Court records indicate that Erwin Singh Braich, a well respected and internationally known industrialist and philanthropist, has been one of the many victims of a malicious and involuntary bankruptcy proceeding, which has lasted for over ten years (File No. 193466VA99).
On October 1st, 1999, British Columbiaâ€™s Supreme Court appointed KPMG Inc. as Receiver of the Estate of Erwin Singh Braich, despite submissions indicating that the value of his assets was far in excess of his debts.
Robert Rusko, who is known in Canadaâ€™s insolvency circles, for his involvement in the near $1 Billion Portus Alternative Asset Management Inc. file, is also the Trustee that KPMG had chosen to handle the Braich matter.
KPMG is requesting to withdraw, despite never having properly held a first meeting of creditors or providing a copy of the file to Braichâ€™s creditors over the last decade. KPMG has also remained in breach of a Court Order that was pronounced in the Supreme Court of British Columbia on September 12, 2000.
KPMG’s request to withdraw is welcomed by the creditors and Mr. Braich, as they have for years been requesting that KPMG withdraw or hold a meeting of creditors.
The vast majority of creditors in this matter have opposed KPMGâ€™s involvement and the involvement of others; and are pleased to see KPMGâ€™s request to withdraw. Braich and his creditors claim that approximately $800 million in monetary damage was caused by KPMG and their agents. In this allegedly orchestrated matter; on the date of the appointment Braich had outstanding debts only totaling approximately $15 million.
In an unprecedented and seemingly desperate Motion, counsel for KPMG is also asking Chief Justice Donald Brenner of the Supreme Court of B.C. to grant them, and any others that have ever been involved in the â€œadministrationâ€ of this file, immunity from any legal remedies Braich and his creditors could pursue.
KPMGâ€™s current counsel, Howard Mickelson and his entire firm, Gudmundseth Mickelson LLP, are also seeking immunity.
A previous ruling by Chief Justice Donald Brenner relating to this matter, surprisingly halted a lawsuit that was filed by Braich in the United States on February 2, 2007 – (Case No. CV7-0177C), which had gained traction in Seattleâ€™s U.S. District Court before Judge John Coughenour.
The Royal Canadian Mounted Police had settled with Braich, out of court in the U.S. matter, as did the Government of Canada. Both had settled prior to Chief Justice Brenner ordering an injunction in November of 2007.
A copy of the temporarily halted U.S. lawsuit can be viewed at: http://www.justiceandtruthforall.com/uploads/U.S._Complaint_-_Braich_V._KPMG_et_al..pdf
The current hearing is scheduled for 10:00 am on July 15, 2009, in Vancouver, B.C.