William Eichler 16 August 2024

Council accuses tycoon of misusing £150m of its investment

Council accuses tycoon of misusing £150m of its investment  image
Image: John Wreford / Shutterstock.com.

Thurrock Council has launched a High Court lawsuit accusing businessman Liam Kavanagh of misusing around £150m of investment funds to pay for his ‘lavish lifestyle’.

The council, which declared effective bankruptcy in 2022, invested in bonds backed by solar farms in a series of deals with Mr Kavanagh and his company Rockfire Capital Ltd.

It alleges that Mr Kavanagh deliberately mislead the local authority to inflate the value of the investments.

It also accuses him of taking £150m meant for investment in renewable energy plants and using the money to buy luxury items including a private jet, a yacht and country estate in Hampshire.

Council leader John Kent said: ‘We have an obligation to Thurrock residents to recover as much money as possible and we will pursue these claims as vigorously as possible.

‘We have served the claim on Kavanagh in Dubai, where he now resides, and now we look forward to our day in court where he will face accusations that he deceived the council and misappropriated money to fund an extravagant lifestyle he could otherwise not afford.’

Lawyers for Mr Kavanagh said in a statement: ‘The claim has not been validly served on Mr Kavanagh and he is confident that his application challenging the court’s jurisdiction will succeed.

‘Irrespective of the question of jurisdiction, Mr Kavanagh strenuously denies the allegations. If and when necessary to do so, and should the court permit the claim to proceed, Mr Kavanagh will be putting forward a full defence.’

SIGN UP
For your free daily news bulletin
Highways jobs

Team Manager

Durham County Council
Grade 14 - £50,269 - £54,495
Are you an experienced, motivated leader with a passion for improving outcomes for children and young people? We’re looking for someone who can inspir Durham
Recuriter: Durham County Council

Social Worker, Connecting Families Team

Durham County Council
Grade 9 £35,412 - £39,152 (Pre-Progression) / Grade 11 £44,075 - £48,226 (Post-Progression)
Connecting families are a team within the Children in Care service in Durham. The team support families of children who are subject to a Section 31 Ca Durham
Recuriter: Durham County Council

Human Resources Officer Advice and Support

Durham County Council
£35,412 to £39,152 p.a. (Grade 9)
  Do you want a new challenge?  An opportunity to develop your career in HR or try something new? If so, come and join our team. The post is full tim Spennymoor
Recuriter: Durham County Council

Support Officer

Durham County Council
Grade 6 £28,142 - £31,022
WHAT IS INVOLVED?   Do you want a role where your organisation skills make a real difference in local communities? Join our Newly remodelled Local Net Durham
Recuriter: Durham County Council

School Crossing Patrol

Durham County Council
Grade 1 £4,800 (approx.) £12.85 per hour
Join our School Crossing Patrol Service! Are you punctual and reliable? Do you have good communication skills and a strong sense of community spirit? Durham
Recuriter: Durham County Council
Linkedin Banner