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

Quality and Review Support Assistant

Durham County Council
Grade 4 £26,427 - £27,709 (Pro rata)
Applications are invited for the above post within the Quality and Review Team. WHAT IS INVOLVED? You will provide administrative, clerical and typ Spennymoor
Recuriter: Durham County Council

Business Services Senior Co-ordinator

Durham County Council
Grade 7 £31,015 - £34,811
An exciting opportunity has arisen within Business Services for two Business Services Senior Co-ordinators on a temporary basis for 12 months.   We ar Peterlee
Recuriter: Durham County Council

Enhanced Teaching Assistant

Durham County Council
£29,071 - £32,046 pro rata
The Head Teacher and Governing Body of Tudhoe Moor Nursery School wish to appoint a confident, enthusiastic and highly motivated person to join our Ea Spennymoor
Recuriter: Durham County Council

Business Services Senior Co-ordinator

Durham County Council
Grade 7 £31,015 - £34,811
Are you an experienced administrator who enjoys supporting people, leading a team and making sure services run smoothly? A fantastic opportunity has Durham
Recuriter: Durham County Council

Instrument Repair and Maintenance Technician

Durham County Council
Grade 6 - £29,071 - £32,046 pro rata, per annum
An exciting opportunity has arisen at Durham Music Service for an Instrument Repair and Maintenance Technician (Grade 6) on a 0.2 FTE fixed-term contr Durham
Recuriter: Durham County Council
Linkedin Banner