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“Mr King and Santo Volpe (a co-director of Heather Capital) were co-conspirators in the fraudulent diversion of HC’s funds to third parties such as Nicholas Levene or companies owned and controlled by him or by Mr King, in contravention of the strategy and principles set out in Heather Capital’s investment particulars.” Lord Doherty’s opinion ruled liquidators should not be time barred in bringing a case.Finding for the liquidators, Lord Doherty said “The pursuer’s averments are suitable for inquiry.A preliminary proof on prescription appears to me to be the appropriate way forward.” SUSPENDED JUDGE NAMED IN £28M HEATHER CAPITAL WRIT: The list of current & former Levy & Mcrae partners named in the multi million pound claim also include the solicitor & suspended sheriff – Peter Black Watson – who was – where Watson was formerly a partner.
A second payment of £9.412 million was sent from Heather Capital to the firm’s client account before being transferred on to a firm of Gibraltar-based solicitors.
The liquidators’ case alleges King “created the false impression” that these companies had themselves entered into loan agreements against property with other Gibraltar firms.
The pursuers go on to state: “In fact, the money was never paid to them.
It was instead paid out to third parties, undocumented and without security, out of various solicitors’ client accounts in which it had been deposited.
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- for their role in connection with a £280m collapsed hedge fund.Current and former partners of law firm Levy & Mc Rae who were named in the writ – including among them suspended judge Peter Black Watson (62) - now face a potential claim of up to £28million from Paul Duffy of Ernst & Young – the liquidators of collapsed hedge fund that “Pursuers including liquidator Paul Duffy say £19 million was paid from the firm’s client account to Panama-registered Niblick Investments SA – owned and controlled by jailed fraudster Nicholas “Beano” Levene.They claim the money had been sent from Heather Capital’s bank account to Levy & Mc Rae on January 4, 2007, and transferred to Niblick five days later.“ “Mr Watson e-mailed a copy of the summons to the Lord President’s Private Office on Saturday 14 February.On Monday 16 February the Lord President considered the matter.” “Having been shown the summons, the Lord President concluded that in the circumstances a voluntary de-rostering was not appropriate and that suspension was necessary in order to maintain public confidence in the judiciary.Mr Watson was therefore duly suspended from office on Monday 16 February 2015.” This week, the Sunday Mail also revealed the – is yet to act after a three year probe initiated by Wolffe’s predecessor – Frank Mulholland QC following the police probe into Heather Capital and Mathon Finance.