ELS Legal’s case is set to be brought to the court in June, where two accountants are alleged to have acted in breach of their duties and that a contractor on a construction project in St Vincent and the Grenadines to misappropriate $13m USD from the project. Reports are suggesting the money has been spent on a Falcon Jet, luxury housing in Barbados and a £1m wedding (the wedding did not take place).”
We apologise for a previous posting on this website which suggested that the claim alleged that the contractor had misappropriated £30m. The correct figure alleged to have been misappropriated is $13m USD. The Claimants claim the loss in its entirety to be over £30m. We also apologise that the previous posting had suggested the accountants had enabled the contractor to misappropriate the money. The claim alleges that the accountants acted in breach of their duties and had they not then the contractor would not have been in a position to misappropriate the money. The claim is ongoing and is being fiercely contested.