Exclusive: High Court battle for investment company Lonrho
Wednesday 06 August 2014
Lonrho, the UK investment company which used to dominate vast swathes of Africa under the buccaneering leadership of Tiny Rowland, is being sued for fraudulent misrepresentation by a former subsidiary over the lease of three aircraft used in Kenya and Zimbabwe.
The former subsidiary, now called Cambria Africa plc, alleges Lonrho illegally transferred $1m (£600,000) to a different subsidiary through a sham operation, according to a High Court writ filed last month. Lonrho is alleged to have misappropriated other funds from the proceeds of renting out aircraft owned by Cambria Africa and not paying them the lease payments due.
Its subsidiaries are also alleged to have returned three planes in a damaged and dilapidated state. Lonrho declined to comment.
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