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

Revenues and Benefits Administration Officer

West Northamptonshire Council
£26914 - £27781
The Revenues and Benefits Administration Officer at West Northamptonshire Council provides essential administrative support across the Revenues and Benefits team. The role involves managing emails, indexing documents, raising orders and supporting financi Northampton
Recuriter: West Northamptonshire Council

Strategic Commissioning Manager (Markets Team Manager)

The Royal Borough of Kensington & Chelsea Council
Negotiable
Drive real change in your community - shape the future of careDrive real change in your community - shape the future of careAt the Royal Borough of Ke England, London, City of London
Recuriter: The Royal Borough of Kensington & Chelsea Council

Social Worker - Family Finding, Adoption Mid Essex

Essex County Council
£34902.0000 - £50081.0000 per annum
Social Worker - Family Finding, Adoption Mid EssexPermanent, Full Time£34,902 to £50,081 per annum Location
Recuriter: Essex County Council

Sheltered Housing Officer

The Royal Borough of Kensington & Chelsea Council
£33291 - £34291 per annum
Support residents to live independently in safe, welcoming homes - making every day easier, safer and more connected.Support residents to live indepen England, London, City of London
Recuriter: The Royal Borough of Kensington & Chelsea Council

Team Leader

Durham County Council
Grade 8 £32,597 - £36,363
Salary
Recuriter: Durham County Council
Linkedin Banner