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Nick Candy, a prominent property tycoon and Conservative Party donor, is embroiled in a legal battle with former business partner Robert Bonnier. Candy Ventures Sarl (CVS), owned by Candy, is alleging fraudulent misrepresentation against social media company Aaqua and Bonnier, who once ran online business directory Scoot, claiming that CVS invested in Aaqua based on Bonnier’s claim that Apple and LVMH were also investing in the firm. Bonnier denies the allegations and has counter-sued after freezing orders were wrongly granted against his and Aaqua’s assets. Aaqua and Bonnier claim that the so-called worldwide freezing orders, which have a global reach, caused the loss of 160 jobs and €195m. The orders were granted after CVS’s lawyers erroneously claimed they held £13.8m of shares in Audioboom. CVS has apologised for the “misleading information” provided when obtaining the freezing orders but denies that the orders caused the losses. Candy’s assets, including a £160m penthouse in One Hyde Park, have also been subject to scrutiny.
CVS’s claims of fraudulent misrepresentation and share price rigging are “well-evidenced”, it says. However, Bonnier’s adviser argues that CVS, as a “sophisticated investor”, performed due diligence and negotiated representations and warranties. Bonnier also claims that CVS sought a freezing order but subsequently admitted that it had been wrongly granted. Eliot & Luther, which represents Aaqua, has rejected all allegations against the company and indicated that the firm will pursue its claim for damages.
