Property tycoon and tech investor Nick Candy (pictured) is suing internet entrepreneur Robert Bonnier for fraudulent misrepresentation, alleging that he lied to obtain an investment.
Dutch-born Bonnier was a prominent figure during the dotcom bubble of the 1990s. He was behind the AIM flotation of Scoot.com, one of the early successes, and then failures, of the era. At its height it was valued at £2.5bn, but it was bought by BT in 2002 after its shares fell in value and the company ran out of cash. Since stepping down as Scoot’s chief executive Bonnier has been involved in various tech ventures.
According to a claim form filed at the High Court by lawyers for Candy’s company, Candy Ventures (CVS), CVS agreed to invest in Bonnier’s company, Aaqua, in February 2021 after months of negotiations.
CVS alleges that in meetings between Bonnier and CVS director Steven Smith, Bonnier “represented orally” that Apple and either French luxury goods brand LVMH or its billionaire investor owner Bernard Arnault planned to invest $1bn in the company.
CVS alleges that the representations were false, and Bonnier knowingly misled CVS into making the investment.
“Neither Apple nor LVMH had expressed sufficient interest in the prospect of investing in Aaqua that Mr Bonnier could have honestly and reasonably believed they would do so,” court documents filed by CVS say.
CVS has already obtained asset-freezing and disclosure orders against Bonnier and some Aaqua companies. The orders are being challenged, and a further hearing is due to take place next month.
The disputed investment was structured as a share swap, according to court documents, in which CVS gave Aaqua 1.5m shares in internet audio platform Audioboom in return for 15,000 shares in Aaqua.
CVS says that the Audioboom shares have been transferred to another Aaqua company based in Singapore, and that Aaqua is now a major shareholder of Audioboom, with more than 18% of the stock.
CVS wants the court to either rescind the deal or award damages.
