First Set to Sir Owen

[Rich102]

Rich-lister Sir Own Glenn is claiming victory after the High Court in England and Wales ruled his former business partner Eric Watson had engaged in "deliberate deception" when the pair set up a joint venture.

Glenn had seen a large chunk of his fortune tied up in the arrangement, and had spent the past five years fighting in the English and British Virgin Island courts to extricate himself and his £129m ($250m).

In an accompanying press release, Glenn said: "I regard this judgment as a complete vindication of my position."

"Eric Watson has behaved appallingly. I saw him as a close friend but he was trying to defraud me. Once I knew what had happened I was determined to get justice."

The long-running dispute may have a wee way to run yet, with Watson saying through a spokesperson he was "disappointed" with the judgment and was intending to appeal.

"This is by no means over," he said in a statement.

Eric Watson says he will appeal the ruling. Picture / Greg Bowker.

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12098969

 

[JJ]

I'm with Glenn here - but much like Kim Dotcom - those with resources (and both these gents have those) can always find another court to appeal too

 

[Mr Angry]

I would suggest third set to Glenn after losing the first two

 

[JJ]

https://www.stuff.co.nz/business/in...g-account-in-legal-battle-with-sir-owen-glenn

Eric Watson gave 'misleading' account in legal battle with Sir Owen Glenn

• Cancer-stricken Sir Owen Glenn wants to see Eric Watson 'in a six foot hole' first
  
  In his findings Justice Nugee said Watson was secretive, gave misleading accounts of conversations, and executed loan agreements knowing they breached an injunction from 2013.
  
  
  
  
  CHRIS SKELTON/STUFF
  Eric Watson says he does not agree with the judges conclusions.
  
  
  In one deal involving Watson's money Watson's "right-hand man" William Gibson and a co-defendant Miles Leahy were reluctant to answer simple questions from other parties which was "illustrative of a tendency to be secretive which accurately reflected the way Mr Watson liked to operate", Justice Nugee said.
  
  "He was reluctant to disclose, even to close partners, the detail of his personal financial arrangements unless he had to, and was willing that they be misled," Justice Nugee said.
  
  Justice Nugee also rejected evidence Watson gave in relation to a funding proposal related to the case.
  
  "I had the distinct impression when he was giving that evidence that he was not misremembering, but was deliberately covering up the truth," Justice Nugee said.
  
  Sir Owen and his company Kea Investments had a claim against Spartan of £129 million (NZ$248.3m), plus interest, along with profits Spartan made in a residential portfolio investment called Project Royal.
  
  But Kea always expected that Spartan would be unable to pay because it was insolvent.
  
  Instead Kea sought compensation of £47.5m from Watson.
  
  In his submissions Watson said he objected to paying this amount but accepted a lower amount of £23.4m.
  
  Watson, one of New Zealand's richest men, has lived full time in London since 2002 and recently he's been cashing in his assets in New Zealand.
  
  In September he sold Te Hihi luxury estate in Karaka, which boasts a six-bedroom villa, a polo field, a helicopter pad, a nine-hole golf course and a herd of alpacas, for $14 million.
  
  He also sold his stake in Soul Bar and Bistro, in Auckland's Viaduct in March.
  
  And in May it was confirmed his business Cullen Investments sold the Warriors to Carlaw Heritage Trust and Autex Industries.
  
  Watson first bought a share in the club in December 2000.
  
  In 2012 Glenn went into partnership with Watson to co-own the Warriors, but in 2015 was bought out by Watson.
  
  Glenn, now 78, is battling cancer.
  
  - Stuff
  
  
  
  

 

[JJ]

Judge basically calling out Watson as a disingenuous snake... who'd have thought?

 

[SpaceMonkey]

Looks like the change of ownership happened at the right time

 

[Fufu Andronez]

Lol what about the poster on the wall behind Watson. Great photobomb

 

[Meth]

Gross

 

[JJ]

Money can't buy class

 

[SpaceMonkey]

Money can't buy class

It buys lingerie models half your age though

 

[Penrose Warrior]

As someone on here said, Watson pulling his money out of the Warriors and elsewhere was a clear sign he was in some deep shit - and proven to be true.

FO Watson given all this new information.

 

[Iron Lion]

I always called it for what it was - the warriors were a PR stunt for Watson that well and truly over ran its time while Watson ran the club into the ground.

The warriors hopefully move swiftly and quickly through the hangover period.

 

[JJ]

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12130719

Game set and match? Watson has to pay Glenn $50 million

No doubt there will be further court action, but pretty decisive - perhaps the second set, and two breaks of serve in the third lol

 

[Rich102]

The judge was pretty scathing about Watson.
I heard SOG on radio over the weekend, obviously this has taken a lot out of him. But Watson can't leave it alone. He has got a new legal team.
Hope the judge doubles the penalty.
Glad Watson is no longer involved with the Warriors.