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Cortina files Writ of Summons for $13 million dollars against Jerry Ee  0 Comments

Published Thursday, February 26, 2009 by Harry SK Tan |

 

Details emerged in a writ of summons filed by Cortina's lawyers in the High Court recently that the total street value of the watches stolen by Jerry Ee over Christmas 2008 amounted to nearly S$13million dollars.
It was reported in Straits Times that Jerry Ee allegedly took 386 timepieces from six designer brands - Audemars Piguet, Girard Perregaux, Panerai, Patek Philippe, Rolex and Vacheron Constantin together with 194 pieces of accompanying guarantee cards. All total at $13,225,383. Jerry Ee was also alleged to have taken $27,137 from the store safe. While the net cost of the theft was reported at 7.9 million, clearly the store was meant to enjoy a six million dollar profit from the sale of the watches.
Clearly the filing of the writ is purely administrative at this time as Jerry Ee is suspected to have left the country and would have expected to have disposed of the watches to fund his lifestyle overseas. Even if Jerry Ee is caught by Interpol its doubtful that Cortina would be able to recover a majority of the claim against him.
A word of warning for those in the market for used watches or New in Box watches whose brands are listed in the report. Make sure the guarantee card comes with the watch and if so, its not stamped with the Cortina mark. The watches are now listed in Interpol as stolen goods. If a buyer of these stolen watches sent them for servicing or repair to the brand service centres, they will handed over to the police or interpol.
- HT

 

 




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