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Reform UK treasurer Nick Candy’s company is to be awarded more than £4.6 million in damages after lying “repeatedly and determinedly” to get it to invest in a technology start-up. high court The judge gave his verdict.
Legal action taken against Kandy Ventures Saral (CVS), a portfolio of companies founded by Mr Kandy dutch Businessman Robert Bonnier is accused of “lying” to trick it into investing almost 7.5 million euros (£6.5 million) in Aqua BV, which he directs.
The company’s barrister told a trial last month that Mr Bonnier had claimed the company would be “the next Facebook” and that Apple and LVMH Moët Hennessy Louis Vuitton (LVMH) was ready to invest US$1 billion in Aqua.
This led CVS to sign three agreements with Acqua that required it to exchange shares in podcasting firm Audioboom for “worthless” shares in Acqua.
The company asked a judge to cancel the investment or order Mr Bonnier and Aqua to pay £5.7 million damages.
On Wednesday Mr… Justice Bright ordered CVS to be entitled to £4,623,919 in damages plus interest.
In a 30-page ruling, the judge said: “During the trial, Mr. Bonnier confirmed that he was not engaged in active negotiations with Apple or LVMH representatives regarding the impending investment in Aqua.
“Thus, I am satisfied that the representations were false, and that he knew them to be false when he made them.
“I am satisfied that Mr. Bonnier intended CVS to rely on his representations.”
He added: “I am also satisfied that the representations did in fact induce CVS to enter into the three agreements and then invest in Aqua.”
Mr Bonnier represented himself at trial and, in August, was barred from defending the claim for breaching court orders.
He said this in court London While he “overstated the potential for an investment” in Aqua, he did not believe CVS would “believe” it.
But Mr Justice Bright said: “The only explanation for Mr Bonnier’s repeated and persistent lying was to secure CVS’s investment.”
He added: “The defendants had no realistic way of attracting investment or generating income, other than by misrepresenting the situation to any potential investors.”