#misuse-of-funds

#misuse-of-funds

Seventeen "exotic" cars. "Lavish" homes from New York to California. A private "celebrity chef." These are just some of the big spending allegations that have emerged in a lawsuit filed this week against Patrick James, the founder of auto parts supplier First Brands, which filed for Chapter 11 bankruptcy protection in September. The lawsuit, filed by First Brands' new management, said James "misrepresented First Brands' financial position to secure billions in debt financing" over the years.

The head of London's Pride parade, who is fighting claims that he used its funds for his personal benefit, has been ordered by the high court to relinquish control of the organising body's bank account. Christoper Joell-Deshields, who was suspended as chief executive last month, consented to an order on Friday to hand over Pride for London's banking passwords, social media and email accounts.

I remain in my role as CEO of Pride in London and as a director of London LGBT Community Pride CIC. The current legal and governance matters relate to the organisation itself. These matters are being addressed through the appropriate channels, and it would be inappropriate to litigate them in the press. Nothing in this statement should be interpreted as an admission of any allegation, nor does it comment on any other individual. For that reason, I will not be making any further comment at this time.