Richard Homburg, executive chairman of the Homburg Group of Companies.
©Guardian file photo
A Nova Scotia court has upheld an order barring several companies chaired by Richard Homburg from divesting themselves of some of their assets in a dispute over more than $2.9 million.
In a March 18 decision, Supreme Court of Nova Scotia Justice Glen McDougall maintained an order that froze the assets of four defendant companies.
The injunction allowed them to dispose of some assets as long as the total remaining value of assets in Nova Scotia stayed above the disputed amount.
Homburg Invest Inc. filed a statement of claim in December against 3258949 Nova Scotia Limited, Homburg International Limited, Citadel Holdings Inc. and Homburg Realty Services Inc.
The claim alleged U.S.-based Homburg Realty Services unlawfully misappropriated a total of more than $2.9 million.
Citadel Holdings Inc. was formerly known as Homburg Canada Incorporated and 3258949 Nova Scotia Limited was formerly Homburg International Limited.
The defendants argued in January that the injunction should be dropped because of court proceedings underway in Barbados and Colorado, but that request was denied.
McDougall ordered the defendants to pay $16,597.81 in costs.
Although he is the head of the defendant companies, Richard Homburg has not been involved with Homburg Invest Inc. since before it sought creditor protection in 2011.
None of the allegations have been proven in court.