Thurrock council alleges that Dubai businessman Liam Kavanagh misused £150m of investments for personal gains, including buying a luxury yacht and private jet, amid their bankruptcy.
The local authority claims Kavanagh's fraudulent misrepresentations led them to invest more funds, which resulted in significant financial losses for the council, ultimately leading to its bankruptcy.
Kavanagh denies all allegations and insists that the claim against him has not been validly served, asserting confidence in successfully challenging the court's jurisdiction.
Thurrock council's financial troubles stem from extensive debts incurred through risky investments, culminating in a £500m deficit and its declaration of effective bankruptcy in December 2022.
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