Former XL boss found guilty of fraud
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Former XL boss found guilty of fraud
The former boss of XL airways has been found guilty of fraud in connection with the failure of Goldtrail
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What it says is:
Former XL Leisure boss Phil Wyatt and two associates have been found liable for a £1.4 million compensation claim brought by Goldtrail Travel liquidator PricewaterhouseCoopers.
Turkish carrier Onur Air was found liable for a similar claim for £3.64 million.
The High Court found all the defendants guilty of giving dishonest assistance to Goldtrail owner Abdulkadir Aydin.
In her ruling, Justice Rose found "abundant evidence" that Wyatt and fellow defendant Magnus Stephensen and Halldor Sigurdarson "were fully aware that they were involved in a transaction that was thoroughly dishonest".
The court agreed a stay of execution of the judgment, pending the defendants deciding whether to appeal, but awarded costs against the defendants and ordered Wyatt, Stephenson and Sigurdarson to make a payment of £430,000 on account.
Tour operator Goldtrail Travel went into administration in July 2010, costing the Air Travel Trust fund £25 million. The failure left creditors owed £33 million.
Goldtrail owner Aydin did not appear at the High Court. He is reported to be in the Ukraine after transferring more than £10 million to himself and his family in the weeks leading up to the failure.
Liquidator PwC brought a double claim, following a three-year investigation. It sought £3.64 million from Turkish airline Onur Air and £1.4 million from former XL Leisure Group chief executive Wyatt, his business associates Stephensen and Sigurdarson, and Wyatt investment vehicle Black Pearl Investments (BPI).
Counsel for PwC argued the defendants paid substantial amounts to Goldtrail in the weeks before the failure. PwC alleged the payments involved the “misapplication” and “misuse” of deposits for flights and sought “equitable compensation”.
Counsel for PwC argued: “Money that should have gone to Goldtrail went to Mr Aydin.” Wyatt and his co-defendants were also alleged to have given “dishonest assistance” to Aydin.
Former XL Leisure boss Phil Wyatt and two associates have been found liable for a £1.4 million compensation claim brought by Goldtrail Travel liquidator PricewaterhouseCoopers.
Turkish carrier Onur Air was found liable for a similar claim for £3.64 million.
The High Court found all the defendants guilty of giving dishonest assistance to Goldtrail owner Abdulkadir Aydin.
In her ruling, Justice Rose found "abundant evidence" that Wyatt and fellow defendant Magnus Stephensen and Halldor Sigurdarson "were fully aware that they were involved in a transaction that was thoroughly dishonest".
The court agreed a stay of execution of the judgment, pending the defendants deciding whether to appeal, but awarded costs against the defendants and ordered Wyatt, Stephenson and Sigurdarson to make a payment of £430,000 on account.
Tour operator Goldtrail Travel went into administration in July 2010, costing the Air Travel Trust fund £25 million. The failure left creditors owed £33 million.
Goldtrail owner Aydin did not appear at the High Court. He is reported to be in the Ukraine after transferring more than £10 million to himself and his family in the weeks leading up to the failure.
Liquidator PwC brought a double claim, following a three-year investigation. It sought £3.64 million from Turkish airline Onur Air and £1.4 million from former XL Leisure Group chief executive Wyatt, his business associates Stephensen and Sigurdarson, and Wyatt investment vehicle Black Pearl Investments (BPI).
Counsel for PwC argued the defendants paid substantial amounts to Goldtrail in the weeks before the failure. PwC alleged the payments involved the “misapplication” and “misuse” of deposits for flights and sought “equitable compensation”.
Counsel for PwC argued: “Money that should have gone to Goldtrail went to Mr Aydin.” Wyatt and his co-defendants were also alleged to have given “dishonest assistance” to Aydin.
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Also a resteraunt that Mr Wyatt is connected with caught fire a week or two back.
Wabi in Horsham looked in a bit of a state when I walked past on my way to the pub.
Wabi in Horsham looked in a bit of a state when I walked past on my way to the pub.
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Without doubt in the wrong forum as this was moved from R&N by the moderators.
I have noticed that anything that talks about legal action ( this was just quoting the press) gets moved from the headline pages or disappears, just the mention of one group of UK lawyers is enough to make a thread vanish.
I have noticed that anything that talks about legal action ( this was just quoting the press) gets moved from the headline pages or disappears, just the mention of one group of UK lawyers is enough to make a thread vanish.
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Lord Justices dismiss Wyatt Goldtrail appeal
Apr 13th 2016, 12:27
The Court of Appeal has dismissed the appeal of former XL Leisure boss Phil Wyatt and his associates against a £1.4 million liability for the failure of Goldtrail Travel.
The appeal court found all 10 of the appellants’ grounds for appeal failed except for a “minor aspect” concerning the compensation for dishonest assistance to former Goldtrail owner Abdulkadir Aydin which “has no overall economic effect on the appellants”.
Aydin put Goldtrail into administration in 2010 owing £33 million, then disappeared, leading liquidator PwC to seek compensation from the appellants.
Wyatt, Magnus Stephensen, Halldor Sigurdarson and Wyatt investment vehicle Black Pearl Investments were found liable for £1.4 million when the High Court ruled in 2014 that they had given “dishonest assistance” to Aydin.
Counsel for Wyatt and his co-defendants appealed on 10 grounds in March.
In the appeal court judgment, Lord Justice Vos found: “The appellants knew everything about Mr Aydin’s plan save for one fact that is not relevant . . . the appellants were fully and intimately involved in constructing and executing the deal.
“The fact is the appellants did assist Mr Aydin to divert Goldtrail’s money, property and opportunities.
“The appellants’ eyes were open. They knew all that occurred and they assisted in it.”
Lord Justice Vos ruled the defendants “cannot re-write the history they so carefully crafted in the first place in order to avoid liability for what was an obvious fraud on both HMRC and Goldtrail.
“The appellants repeatedly suggested that the judge had behaved unfairly in the conduct of the [High Court] trial. I see no basis for that submission.
“The [High Court] judge plainly took a dim view of the appellants’ fraud, but that did not lead her to conduct the trial unfairly or in any respect inappropriately.
“She was entirely justified in adopting the censorious view she took of the appellants’ conduct in this unhappy matter.”
Turkish carrier Onur Air had its appeal against a High Court ruling that it repay £3.64 million of Goldtrail money dismissed in January.
Lawyers for liquidator PwC are now seeking payment of the outstanding monies.
Source: travelweekly
Apr 13th 2016, 12:27
The Court of Appeal has dismissed the appeal of former XL Leisure boss Phil Wyatt and his associates against a £1.4 million liability for the failure of Goldtrail Travel.
The appeal court found all 10 of the appellants’ grounds for appeal failed except for a “minor aspect” concerning the compensation for dishonest assistance to former Goldtrail owner Abdulkadir Aydin which “has no overall economic effect on the appellants”.
Aydin put Goldtrail into administration in 2010 owing £33 million, then disappeared, leading liquidator PwC to seek compensation from the appellants.
Wyatt, Magnus Stephensen, Halldor Sigurdarson and Wyatt investment vehicle Black Pearl Investments were found liable for £1.4 million when the High Court ruled in 2014 that they had given “dishonest assistance” to Aydin.
Counsel for Wyatt and his co-defendants appealed on 10 grounds in March.
In the appeal court judgment, Lord Justice Vos found: “The appellants knew everything about Mr Aydin’s plan save for one fact that is not relevant . . . the appellants were fully and intimately involved in constructing and executing the deal.
“The fact is the appellants did assist Mr Aydin to divert Goldtrail’s money, property and opportunities.
“The appellants’ eyes were open. They knew all that occurred and they assisted in it.”
Lord Justice Vos ruled the defendants “cannot re-write the history they so carefully crafted in the first place in order to avoid liability for what was an obvious fraud on both HMRC and Goldtrail.
“The appellants repeatedly suggested that the judge had behaved unfairly in the conduct of the [High Court] trial. I see no basis for that submission.
“The [High Court] judge plainly took a dim view of the appellants’ fraud, but that did not lead her to conduct the trial unfairly or in any respect inappropriately.
“She was entirely justified in adopting the censorious view she took of the appellants’ conduct in this unhappy matter.”
Turkish carrier Onur Air had its appeal against a High Court ruling that it repay £3.64 million of Goldtrail money dismissed in January.
Lawyers for liquidator PwC are now seeking payment of the outstanding monies.
Source: travelweekly
The original judgment of Mrs Justice Rose and the appeal case are on the website of the British and Irish Legal Information Institute:
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