Reform UK treasurer Nick Candy wins fraud claim against tech boss

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favorite tales on this weekly publication.Reform UK treasurer Nick Sweet has received a long-running and bitter court docket battle towards know-how entrepreneur Robert Bonnier, whom he accused of constructing “fraudulent misrepresentations” to safe an funding right into a social media start-up.Sweet’s funding car Sweet Ventures launched authorized proceedings towards Bonnier and his group Aaqua after investing within the fledgling firm in 2021. The lawsuit alleged Bonnier had falsely claimed that tech large Apple and luxurious group LVMH had been in superior discussions to spend money on Aaqua.In a Excessive Courtroom judgment on Wednesday, Mr Justice Robert Shiny upheld the declare, awarding Sweet Ventures damages of £4.6mn plus curiosity towards Bonnier and Aaqua, in addition to an award of prices.The choose additionally discovered that Bonnier had lied “repeatedly and determinedly” with a purpose to safe the funding from Sweet’s firm.In accordance with Sweet Ventures, Bonnier claimed to have had “vital discussions” with Apple and LVMH about investments into Aaqua, that negotiations had been at an “superior stage” and that there have been binding circumstances that might result in them investing.After claiming to have met with Apple in March 2021, Bonnier informed Sweet in a WhatsApp message that the tech large was “192 per cent dedicated for €1.1bn”.Sweet — who, together with his brother Christian, led the event of London’s luxurious One Hyde Park complicated earlier than his foray into British politics — informed the court docket that Sweet Ventures invested in Aaqua as a result of it believed Apple and LVMH had been already dedicated to investing.“I’m glad not solely that the representations had been false, but in addition that Mr Bonnier knew them to be false,” mentioned Decide Shiny within the judgment.Bonnier “informed his lies with a purpose to induce [Candy Ventures] to spend money on Aaqua”, the judgment provides. “He knew that the involvement of prestigious corporations resembling Apple and LVMH would add cachet and credibility to Aaqua.”Bonnier, who rose to prominence as chief govt of Scoot.com in the course of the dotcom growth, had formulated grand plans for Aaqua. A Monetary Occasions investigation into Aaqua final yr revealed that an inner price range plan included an anticipated $800mn funding from Apple. After struggling a gentle coronary heart assault, Bonnier had additionally informed associates how Apple chief govt Tim Prepare dinner had beneficial a cardiac specialist for him.Sweet Ventures made its funding in Aaqua by exchanging 1.5mn shares in listed podcast writer Audioboom for shares in Aaqua, the court docket beforehand heard.Justice Shiny discovered that Bonnier had an “pressing want” for earnings and that Aaqua was, in impact, financed by promoting Audioboom shares. Sweet’s firm alleged that Bonnier unfold rumours a few takeover of Audioboom to push up the share value. In 2022, Aaqua, which is now bancrupt, made most of its employees redundant, whereas its Singapore holding firm sought safety from collectors.Throughout a listening to on Wednesday, Bonnier informed the court docket that his internet wealth earlier than assembly Sweet was £250mn, whereas it was now “considerably beneath zero”.Following the judgment, Sweet informed the FT that he meant to launch personal felony prosecutions towards Bonnier in a number of jurisdictions.Bonnier didn’t instantly reply to a request to remark.