British billionaire, Harvey Boulter, who is currently awaiting trial in Namibia for the murder of his farm manager, is being sued in the UK with his Lawyer over the disappearance of N$1.3 billion of investors’ money.
The liquidators of medical technology firm Enigma Diagnostics allege Boulter used its money for his own benefit, including a payment to a British super car manufacturer.
The funds moved through law firm DLA Piper’s bank accounts, the liquidators’ lawyers said in documents filed at the UK High Court.
Boulter made his fortune running Porton Capital, a now shuttered N$9.6 billion investment firm that raised money for venture capital style deals.
FRP Advisory, the liquidators, said in court documents that more than half of the investor money destined for Enigma was used for unrelated purposes.
Enigma, founded by Boulter in the early 2000s and financed by Porton investors, was “consistently loss making” and was wound up in 2017, the suit said.
Investors in Enigma sent around N$2.1 billion between 2006 and 2015 to DLA Piper’s bank account in the UK managed on behalf of Porton, lawyers for FRP said in the documents filed July 29.
Charles Cook, head of DLA Piper’s UK corporate team, is also named as a defendant in the suit. Cook was the only lawyer “substantively involved” in handling Enigma for the law firm and his name appeared on related documents from as early as 2005, the lawsuit alleged.
Some N$830 million was transferred to Enigma while the balance – around N$1.3 billion – was paid out to Boulter, his associates, or used for Boulter’s personal benefit, the lawsuit alleged.
That breached rules governing how law firm accounts should be used, and also contravened Boulter’s responsibilities as a director of Enigma, argued the liquidators.- Fin24
