View more on these topics

Sports Direct boss sues over golf course investment scheme

Golf - thumbnailThe billionaire owner of Sports Direct and Newcastle United Football Club is set to take legal action against a former business associate who he claims convinced him to hand over £3m linked to a fraudulent investment in a golf course in France.

Mike Ashley has filed papers at the High Court in London alleging that Tony Jimenez, a former Newcastle United executive, breached a contract over the scheme, the Guardian reports.

Ashley says he expected his £3m investment in 2008 to be placed in Loire-based golf course Les Bordes for which he would take a roughly 5 per cent stake in the site’s owner.

The claim alleges a “deliberate fraud” in which Jimenez kept the money for himself instead of using one of his companies to facilitate the stake in the golf course’s owner.

According to the Guardian, the claim reads: “Jimenez did not have any honest belief that he was entitled to the investment sum or to dispose of it.”

Recommended

UK-Sinking-Debt-GBP-Currency-Money-700x450.jpg
1

Pensions stickier than Isas for debt-racked Britons

Debt-bound Britons are more than twice as likely to cancel regular payments into Isas than pensions, new research has found. Two-thirds of people with persistent unsecured debts have reduced regular payments into Isas and savings accounts, compared to 26 per cent of those paying into workplace pensions and 43 per cent of those paying into […]

Trusts: Easier than you think?

Protection providers often extol the benefits of placing plans in trust. The advantages for clients are widely recognised and numerous – inheritance tax mitigation, avoiding probate delay, controlling claim proceeds, and so the long, familiar list continues. Yet, dismissed as unnecessary form-filling, or simply viewed as irrelevant in the context of a mortgage sale, less […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Karma, don’t you love it

  2. Another deal done over a drinking binge?

Leave a comment