The Payments Group Holding – Update on the financial claims against SGT Capital group of 5.4 resp. 7.2 million EUR - Seite 2

In addition, PGH has, according to the legal opinion of its lawyers, in the meantime acquired further interest and damage claims amounting to 1.8 million EUR.

 

Survival of the claims of TGS24 against SGT Group

 

On 14.10.24, SGT Group suddenly, out of the blue, asserted absurd and legally baseless counterclaims of 9.9 million EUR against TGS24, which contradict the books and records of TGS24 and which had not been mentioned even once during the months-long negotiations concerning the separation between the SGT and PGH spheres between the end of 2023 and 24.02.24. With these alleged counterclaims, it declared the offset against the claims of the PGH Group, but, despite repeated requests by PGH’s lawyers, has not substantiated them legally to date, not even in its statement of claim filed 13.01.2025 in Luxembourg concerning a portion of 3.8 million EUR.

According to the legal opinion of PGH’s lawyers, an offset is already impossible for the sole reason that the counterclaims are directed against TGS24, not against PGH as the creditor of the three stated claims of PGH against SGT Group. With regard to the loan receivables of 3.8 million EUR against SGTLLC and 200k EUR against SGTBB, offsetting is additionally impermissible due to a prohibition of set-off stipulated in the respective loan agreements.

Accordingly, PGH is convinced that the claims of PGH against SGT Group in the amount of 5.4 million EUR remain in force. In this regard, SGTLLC and its fund administrator CSC Intertrust, according to PGH’s assessment, provided inaccurate information to PGH’s auditors and may have made themselves liable for damages caused thereby.

According to PGH’s assumption, the assertion of counterclaims and their offset primarily serves SGT Group to gain time for the settlement of PGH’s claims and to give the fund administrator CSC Intertrust and the fund auditor Forvis Mazars the false impression that PGH’s claims no longer exist, in order to enable the derecognition of their corresponding liabilities towards PGH and its rebooking in favor of one of their own companies, namely in favor of a so-called General Partner of SGT Fund II.