Vaculug’s Ex-Owners Launch Counter Suit

VacuLug

Lawyers for the 37 ex-shareholders in the UK retreader Vaculug named in the £7.2 million High Court fraud case brought by current owners Grantham Capital, have launched their own legal action to reclaim missing purchase payments.

Ex-Shareholders Respond to Claims from New Owners

Lawyers for the 37 individuals named in the £7.2 million High Court fraud suit filed a Part 20 claim on May 1 stating that the owner of Grantham Capital, Harjeeve Kandhari, owes them at least £817,000.

In addition, defence documents filed May 4 state that only part of the purchase price was received, and the ex-shareholders are seeking at least £1.8 million in missing payments.

The Vaculug directors and shareholders named in the original suit are attempting to rebut claims that that they fraudulently manipulated company records and accounts and misrepresented how much extra money the company had. Grantham claims that the £7.2 million it has paid so far for the company should be returned, claiming that the company was actually worth zero at the end of July 2018 because of its low profit level and declining performance, a position which the directors and shareholders claim is “meritless”.

About the author

Richard Wilson is the deputy editor for Commercial Tyre Business. Since 2015, Richard has worked as a correspondent for all of the titles across the Valebridge Publications Ltd Group namely: Retreading Business, Tyre & Rubber Recycling, The Tyreman and Truck and Bus News. Richard has worked on/off from the age of 16 for the company and whilst gaining a Bachelor's Degree in Spanish and Business Studies at Coventry University, he developed his writing skills at the University paper and more recently writing his own independent blog.

Contact: richardjwilson@btconnect.com

Phone: (44) 1270 668 718

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