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The counterclaims seek a declaration that the agreements are valid and enforceable, specific performance of the agreements, injunctive relief to protect contractual rights, damages for breach of contract, reputational damages, damages for loss of use of land, punitive damages of 5 million Zambian Kwacha, interest, and costs.
−Removed: The matter was scheduled for a Status Conference on May 9, 2025, which has been adjourned to June 13, 2025.
−Removed: Sadot LLC is preparing to file an application to stay proceedings and refer the matter to arbitration pursuant to the dispute resolution mechanism in the parties' agreement, as well as seeking injunctive relief to protect its interests in the joint venture.
+Added: As of August 2, 2025, the Company considers that all attempts of mediation were considered failed.
+Added: The without prejudice mediation proceedings have therefore concluded.
+Added: Sadot LLC filed for an injunction seeking court injunctions against their joint venture partner Cropit over serious breaches of their 2023 Joint Venture Agreement.
+Added: Sadot asked the court to stop Cropit from:
+Added: misappropriating company funds (approximately $0.4 million already spent without authorization), blocking access to farms and financial records, unilaterally hiring/firing staff, and making unauthorized high-value commitments.
+Added: Sadot is demanding Cropit transfer five parcels of farmland to the joint venture company as contractually obligated - land transfers that Cropit has withheld despite Sadot already paying to discharge ABSA Bank's charges per the terms of the Joint Venture Agreement.
+Added: Sadot claims these breaches have caused losses exceeding $1.6 million, prevented bank financing, and resulted in the loss of a potential investment funds.
+Added: Sadot also intends to pursue damages under arbitration pursuant the ICC rules.
Management, in consultation with legal counsel, believes Sadot LLC has strong defensible positions with respect to this matter and intends to vigorously defend against the claims while pursuing its counterclaims.
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The Company denies these allegations and intends to vigorously defend against the claims.
+Added: On August 1, 2025, the court dismissed Lombard’s third motion in its entirety and the case will now be fixed for a hearing to deal with Sadot’s motion to dismiss the claims advanced by Lombard.
While the Company believes it has meritorious defenses, it cannot predict the outcome of this matter or reasonably estimate the potential loss at this time.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.