Property tycoon Leo Noe is being sued for £5m for allegedly failing to repay loan notes.
Hoco Ltd, Peter Gray, Karen McCoun and Philip Gunstone claim that loan notes to the value of £4.5m, guaranteed by the property investor, have gone unpaid.
Hoco claims the repayment of £4.2m plus interest of £462,898; Gray claims £201,612 plus interest of £22,400; McCoun claims £90,261 plus interest of £10,067; and Gunstone claims £41,663 plus interest of £4,633.
They also claim a total of additional interest of £45,205 accrued since 1 October 2010, increasing at a rate of £2,054 per day.
A spokesman for Noe said that the case was being defended and depended on the outcome of a case that involved the sale of a telecommunications and technology company by the claimants.
He said: “The claim is being defended on the basis that Niu Solutions is suing the claimants for £14.6m for alleged breach of warranty and of misrepresentation in respect of the sale by them of Ipitomi to Niu in December 2008, in connection with which the sale of the loan notes/guarantee was given.
“Accordingly, any liability under Leo’s guarantee will depend on the outcome of that case.”
Property tycoon Leo Noe is being sued for £5m for allegedly failing to repay loan notes. Hoco Ltd, Peter Gray, Karen McCoun and Philip Gunstone claim that loan notes to the value of £4.5m, guaranteed by the property investor, have gone unpaid. Hoco claims the repayment of £4.2m plus interest of £462,898; Gray claims £201,612 plus interest of £22,400; McCoun claims £90,261 plus interest of £10,067; and Gunstone claims £41,663 plus interest of £4,633. They also claim a total of additional interest of £45,205 accrued since 1 October 2010, increasing at a rate of £2,054 per day. A spokesman for Noe said that the case was being defended and depended on the outcome of a case that involved the sale of a telecommunications and technology company by the claimants. He said: “The claim is being defended on the basis that Niu Solutions is suing the claimants for £14.6m for alleged breach of warranty and of misrepresentation in respect of the sale by them of Ipitomi to Niu in December 2008, in connection with which the sale of the loan notes/guarantee was given. “Accordingly, any liability under Leo’s guarantee will depend on the outcome of that case.”
