Boulter prevails in N$1.3bn London lawsuit
The London High Court on Tuesday dismissed a N$1.3 billion claim against Namibian-based British businessman Harvey Boulter, brought by liquidated company Enigma Diagnostics Limited.
It is the billionaire’s second successive triumph against Enigma, having been exonerated of fraud allegations made by the same company in the Cayman Islands' Grant Court two years ago.
The United Kingdom chapter of this dispute concluded this week with a mutual and confidential settlement, effectively closing the case. A joint statement by Boulter and Enigma simply stated: “The dispute between Enigma and its liquidators on the one hand and Mr Boulter on the other has been resolved on terms which remain confidential”.
Enigma was pursuing Boulter, its former director, for alleged breach of duties. It accused Boulter and his company Porton Group of defrauding Enigma by misappropriating funds that Porton had raised from investors on Enigma’s behalf.
Enigma also alleged that global law firm DLA Piper, representing Porton, dishonestly assisted in the breach of Boulter’s duties by receiving funds from investors into its client account and paying them on Boulter’s instructions to persons other than Enigma.
Boulter and other defendants in the matter argued that Enigma and the investors understood that Porton was purchasing shares in Enigma on its own account and selling them on the secondary market, and that Porton was therefore entitled to keep the proceeds of sale for its own benefit.
Focus shifts to Namibia
Reacting to verdict, Boulter said he will now devote time to his business interests in Namibia, where he owns one of the largest hunting farms. “The past year has unveiled promising opportunities, setting the stage for 2024 to be a landmark year of expansion, which will create jobs and promote regional development,” he said.
The 54-year-old is currently embroiled in a murder trial in Namibia following the death of his farm manager Gerhard van Wyk during a fireside scuffle at Kamanjab in February 2021. Boulter, who is out on N$500 000 bail, was badly injured in the incident and spent months in hospital.
This week he said: “In the high-stakes business world, encountering lawsuits is a frequent challenge. My strategy in these situations is characterised by relentless determination and an unwavering commitment to defend and counterattack”.
Porton is a private equity business with interests in aerospace, defence and the military. In Namibia, Boulter also runs a successful property portfolio.
It is the billionaire’s second successive triumph against Enigma, having been exonerated of fraud allegations made by the same company in the Cayman Islands' Grant Court two years ago.
The United Kingdom chapter of this dispute concluded this week with a mutual and confidential settlement, effectively closing the case. A joint statement by Boulter and Enigma simply stated: “The dispute between Enigma and its liquidators on the one hand and Mr Boulter on the other has been resolved on terms which remain confidential”.
Enigma was pursuing Boulter, its former director, for alleged breach of duties. It accused Boulter and his company Porton Group of defrauding Enigma by misappropriating funds that Porton had raised from investors on Enigma’s behalf.
Enigma also alleged that global law firm DLA Piper, representing Porton, dishonestly assisted in the breach of Boulter’s duties by receiving funds from investors into its client account and paying them on Boulter’s instructions to persons other than Enigma.
Boulter and other defendants in the matter argued that Enigma and the investors understood that Porton was purchasing shares in Enigma on its own account and selling them on the secondary market, and that Porton was therefore entitled to keep the proceeds of sale for its own benefit.
Focus shifts to Namibia
Reacting to verdict, Boulter said he will now devote time to his business interests in Namibia, where he owns one of the largest hunting farms. “The past year has unveiled promising opportunities, setting the stage for 2024 to be a landmark year of expansion, which will create jobs and promote regional development,” he said.
The 54-year-old is currently embroiled in a murder trial in Namibia following the death of his farm manager Gerhard van Wyk during a fireside scuffle at Kamanjab in February 2021. Boulter, who is out on N$500 000 bail, was badly injured in the incident and spent months in hospital.
This week he said: “In the high-stakes business world, encountering lawsuits is a frequent challenge. My strategy in these situations is characterised by relentless determination and an unwavering commitment to defend and counterattack”.
Porton is a private equity business with interests in aerospace, defence and the military. In Namibia, Boulter also runs a successful property portfolio.
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