An oil tycoon is to sue his former legal professionals and enterprise companions in a authorized motion price nearly £600million. If profitable, it will be the biggest payout awarded in Scotland.
Aberdeen man Robert Kidd, 61, is in search of preliminary compensation of £175million, courting again to 2008, for a enterprise deal involving his North Sea oil and fuel drilling agency ITS Tubular Companies. However the ultimate payout may very well be about £580million as soon as curiosity of eight per cent a 12 months is added.
Kidd’s motion is towards Aberdeen legislation agency Ledingham Chalmers, US non-public fairness home Lime Rock Companions and staff of each organisations.
Final month, the Court docket of Session in Edinburgh gave his compensation case the inexperienced gentle after they threw out a ultimate attraction by Texas-based Lime Rock and Ledingham.
The authorized dispute centres on a deal that noticed Kidd promote Lime Rock a £34.5million stake in ITS. He retained a majority shareholding however in 2013 the agency went into administration with money owed of about £145million.
Kidd beforehand acquired a £19million payout from one other Scottish agency, Burness Paull, which was concerned within the Lime Rock deal. Final 12 months, Kidd additionally acquired a separate settlement from Glasgow legal professionals Levy & McRae, which represented him within the case towards Burness Paull, after claiming he had been over-billed.
Finally month’s listening to, Lime Rock and Ledingham claimed Kidd was suing for a similar losses which had been lined by the sooner £19million settlement with Burness Paull. They had been interesting a call final November on the Court docket of Session to permit Kidd’s declare to go forward.
Kidd, who grew up in a council property in Aberdeen, arrange ITS within the late 80s with simply £5000. By 2008, the tools rental agency employed 1000 folks and was mentioned to be price £490million.
Kidd claims the sale left his personal shareholding nugatory. He believes people and firms concerned within the deal had a battle of curiosity and breached their authorized duties to him.
A spokesman mentioned: “Mr Kidd seems ahead to progressing his declare.”
Jennifer Younger, of Ledingham Chalmers, mentioned: “We imagine these allegations are unfounded.”
Nobody from Lime Rock responded to our request for remark.
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