Vincent Tan Cardiff City Owner In High Court Row With Ex-Club Director

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Vincent Tan Cardiff City Owner In High Court Row With Ex-Club Director

A former director at Cardiff City is suing the club and owner Vincent Tan, claiming his shareholding has been diluted.

https://www.bbc.com

Among the issues Michael Isaac has raised is if Mr Tan was responsible for “wrongly removing” Mr Isaac from his position as a director.

There is also a dispute over whether a 2014 loan of £7.5 million was “falsely recorded” in financial records.

Mr Tan says Mr Isaac’s claims should be struck out.

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He says Mr Isaac hopes to “air his grievances” over the running of the Championship club at a trial.

Detail of the legal action was outlined at a virtual preliminary hearing in front of judge Mark Mullen on Thursday, 4 June.

Romie Tager QC, representing Mr Tan, said Mr Isaac claimed that he had been “unfairly prejudiced by a number of matters”.

“(Mr Isaac) is a 1% shareholder who claims that he should be treated as an 11% shareholder, and that he has been unfairly prejudiced by a number of matters (including the dilution of his shareholding) which he contends represent the conduct of the majority shareholder, Mr Tan, whom he contends is a shadow director,” said Mr Tager, in a written case outline.

“He seeks an order for the purchase of his shares by Mr Tan.”

Mr Tager added: “(Mr Tan) concluded that this was a case where the Court should strike out the petition before the parties are put to the trouble and expense of disclosure, preparing for a trial and the trial itself – at which (Mr Isaac) hopes to air his grievances regarding the running of the Cardiff City Football Club.”

He said a number of issues had arisen, including: whether Mr Tan “procured the dilution” of Mr Isaac’s shareholding; whether a March 2014 loan of £7.5 million, recorded as lent by Tormen Finance Inc, was “in fact advanced by Mr Tan” but “falsely recorded” in the club’s financial records; whether Mr Tan was responsible for “wrongly removing” Mr Isaac from his position as a director of the company; whether Mr Tan “threatened” Mr Isaac with “a Christmas message”; and whether Mr Tan “procured the club” to issue and pursue a “vindictive claim” against Mr Isaac.

A judge is due to oversee a further preliminary hearing in the near future.

Vincent Tan Cardiff City Owner In High Court Row With Ex-Club Director

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