An Accrington solicitor took millions of pounds off a supercar-loving Saudi Prince before failing to deliver the vehicles or return most of the money
, a tribunal has heard.
A report of the SDT ruling explains that the Saudi handed over millions to the company for the purchase of the supercars with the understanding that the Tangent would purchase the cars directly. However, it turned out it was actually being done through intermediaries and no explanations were given for fees added to the cost of the vehicles.
The report of the tribunal hearing goes on to state: “The original price for the car from Ferrari was €2,125,000.00. There had been no explanation for why the price given by the Second Respondent was €5,600,000.00, since another party to the transaction later stated the purchase price was €3,800,000. It had not been explained to whom the uplift paid by [the client] was due.”
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