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by Mike Caswell

Lotus Ventures Inc.'s former chairman, Albert Duwyn, has won a $1-million order against the company in the Supreme Court of British Columbia. He had complained that he lent Lotus the money in January, 2023, and only discovered after making the loan that Lotus's financial prospects were worse than the company had claimed. On top of that, the company used the loan proceeds to pay amounts owing to its president, Mr. Duwyn said.

A judge handed down the order on Monday, Jan. 15, directing Lotus to pay $1-million to Mr. Duwyn, plus interest. The judge did not make any findings, only ordering Lotus to pay the money. The order was largely uncontested, as Lotus did not dispute the debt. The company only said that it did not mislead Mr. Duwyn into making the loan, and that he was well aware of its financial condition.

Monday's order comes about three months after Mr. Duwyn sued Lotus, filing a notice of claim on Oct. 19, 2023, at the Vancouver courthouse. He said that he lent the money to Lotus in January, 2023, when the company was in need of cash to pay debts to third parties, including the Canada Revenue Agency. According to the suit, Lotus claimed to be profitable and said that its cash flow was improving.

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