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CoCo Joy in bid to shrug off cash demand

coco-joyThe man who signed off on a $3 million sponsor agreement between a coconut water company and the Manly-Warringah Sea Eagles had no authority to do so, the NSW Supreme Court has heard.

The Australian rugby league club has demanded that CoCo Joy’s Saudi-owned parent company FAL Healthy Beverages pay $275,000, plus GST, or face insolvency proceedings, which would pave the way for FAL to be wound up.

The barrister acting for FAL, Martin Einfeld QC, told acting justice Reginald Barrett that the man responsible for the deal with the NRL club, Tim Xenos, was not a duly appointed director and that Manly executives suspected there was “a serious problem” with his authority to commit FAL to the agreement.

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