Ineos hit by lawsuit after Ratcliffe £1.3billion stake in Man Utd
Sir Jim Ratcliffe’s petrochemicals empire Ineos is being sued in a row over the sale of a business – as the billionaire closed a £1.3billion stake in Manchester United.
The conglomerate, which is the fourth largest chemical company in the world, is facing legal action in London’s High Court over the sale of one of its businesses in 2016.
The lawsuit comes as 71-year-old Ratcliffe was waiting for approval to buy a 25 per cent stake in the Premiership club for £1.3billion.
The deal was finalised just a few months back as Ratcliffe took over football operations at Man United.
The Monaco-based billionaire was second on The Sunday Times Rich List this year with a fortune of almost £ 30 billion.
He will take control of United’s football operations once it is approved. Fans continue to hope Man Utd fan Ratcliffe, who already owns French team Nice and Swiss side FC Lausanne-Sport, will turn its fortunes around.
Polish chemicals group Synthos is taking legal action over its acquisition of Ineos Styrenics.
It bought the company from Ineos in May 2016 for £68.8million. In 2017, Ineos told the European Commission it had discovered a buyers cartel conspiring to lower the price of a chemical used to make polystyrene, the legal documents said.
One of the five companies involved in the ring between 2012 and 2018 was Ineos Styrenics.
Ineos was granted immunity after blowing the whistle and was not fined, according to the court filing. But Synthos was hit with a £28.3million fine by the EU competition watchdog for the involvement of the Styrenics business.
The court documents alleged that bosses at the petrochemicals giant knew about the cartel at the time of the 2016 acquisition.
The legal papers name key Ineos players including lawyer Jonny Ginns, ex-director Hugh Carmichael and two former Styrenics chief operating officers Rob Ingram and Louise Calviou, as those who would have allegedly known about the practice. Ratcliffe is not named.
Synthos said Ineos had a legal duty to tell it about the cartel, and it would not have bought the corporation if it had known.
Synthos found out about the investigation during unannounced ‘dawn incursions’ in June 2018.
It is suing Ineos for at least £30 million but could seek more in damages.
Ineos vetoed to comment.
source: Thisismoney
