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by Stockwatch Business Reporter

The cross-examination of Vancouver promoter Aly Nazerali, the plaintiff in a libel lawsuit against the Deep Capture website, continued on Friday morning. Libel lawyer Roger McConchie, representing most of the defendants, focused most of his questions on Mr. Nazerali's involvement with controversial Dutch firm First Commerce International.

As background, Mr. Nazerali previously testified that he and his associates began negotiations to acquire Amsterdam-based First Commerce in November and December, 1984. They signed what he called a "conditional purchase agreement" in December, 1984, and took possession in January, 1985. Mr. Nazerali had also testified that through these dealings, he met Irving Kott, whom he understood at the time to be a consultant.

As further background, Mr. Kott was a 1970s Canadian stock promoter with a history of civil and criminal violations, and First Commerce was raided by Dutch authorities in 1986 and ultimately collapsed. The author of the alleged libels on the Deep Capture website, Mark Mitchell, claimed on that website that Mr. Nazerali negotiated with Mr. Kott to acquire a boiler room in Amsterdam: First Commerce. This claim and others on the website are the subject of Mr. Nazerali's lawsuit.

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