Thirteen people including a former energy minister are being sued for £178m over the collapse of London Capital & Finance.
Administrators at Smith & Williamson have told individuals linked to the collapsed property investment firm that they are the defendants in a lawsuit that will claim LCF’s purpose was to defraud bondholders.
Nearly 60% of all of the investors’ cash — about £136m — was channelled to its executives either directly or via loans to companies. It is alleged the money was used to buy horses, a helicopter and lifetime memberships to Annabel’s, the Mayfair private members’ club.
The directors have previously denied wrongdoing.
