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

David is the Owner and Publisher of Retreading Business. With over 30 years' experience as a specialist tyre industry journalist, he first entered the tyre industry in 1987 as Editor of Tyres & Accessories. He was Editor of Tyre Trade News between 1993-96 before establishing Retreading Business in 1997. In 2004 he acquired the Malaysian tyre magazine The Tyreman, before establishing Tyre & Rubber Recycling in 2009. In addition to his publishing ventures, he was also Director of the Retread Manufacturers' Association between 2004 and 2014.

Email: retreadingbusiness@btconnect.com

Phone: (44) 1270 668 718

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