Cyprus Law | LM Investment Management Libel Case Dropped


Cyprus Law – LM Investment Management Libel Case Dropped

Continuing the endless saga of LM Investment Management, run by Peter Drake, investment in which has led to millions of pounds of investment being lost by North Cyprus ex-pats.

“It was with panache that this titan of the Gold Coast was not only discovered to have lent himself $46 million from the LM mortgage fund business before it went belly up, but then he somehow managed to dodge bankruptcy and – breezy as you like – booted up a new insurance business down the road.

We had the privilege of being sued by Peter. Alas he walked away from his defamation action – we had scurrilously accused him of being greedy – just a few days ago.” []

It would seem that even Mr Drake has realised that defamation is only defamation if what is written is untrue. As his investors all over the world try to come to terms with the losses, the whole saga just limps to its conclusion, but as yet the fat lady is not singing. I wonder how much Mr. Drake’s lifestyle will change? We know some of his investors’ lives will change dramatically.

It is a pity some in north Cyprus do not also realise this. Libel is only libel when it is untrue.

Never give in never give up.

Pauline Read

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