UK (Parliament Politics Magazine) – Nigel Farage’s Reform UK treasurer Nick Candy’s company secured £4.6m in damages after a High Court ruled it was misled into investing in a tech start-up.
As reported by The Independent, a High Court has ruled that Nick Candy’s firm could receive more than £4.6 million in damages after being “repeatedly and deliberately” misled into investing in a tech start-up.
How Nick Candy’s company was misled into investing in a tech start-up?
Nick Candy’s portfolio company, Candy Ventures Sarl (CVS), has taken legal action against Dutch businessman Robert Bonnier, accusing him of misleading the firm into investing €7.5 million (£6.5 million) in Aaqua BV, a start-up he manages.
During the hearing, lawyers for the company said Mr Bonnier described Aaqua as the “next Facebook” to investors. He further claimed that tech giant Apple and LVMH Moet Hennessy Louis Vuitton planned to invest $1 billion into the start-up.
CVS signed three deals with Aaqua, exchanging its Audioboom shares for shares in the start-up, which later proved worthless.
Mr Candy’s firm asked the judge to cancel the investment or order Mr Bonnier and Aaqua to pay £5.7 million in damages.
What did Justice Bright say about Nick Candy’s £4.6m case?
A High Court judge, Mr Justice Bright, ruled on Wednesday that Candy Ventures Sarl will receive £4,623,919 in damages, along with interest.
In a detailed 30-page ruling, the judge stated,
“During the trial, Mr Bonnier confirmed that he was not involved in active negotiations with either Apple or LVMH representatives concerning imminent investment in Aaqua.”
He said,
“Thus, I am satisfied that the representations were false, and he knew them to be false when he made them. I am satisfied that Mr Bonnier intended CVS to rely on his representation.”
Mr Justice Bright continued,
“I am also satisfied that the representations in fact induced CVS to enter into the three agreements, and then to invest in Aaqua.”
The Dutch businessman represented himself at the hearing but was blocked from defending the claim due to violations of court orders.
During the trial in a London court, he admitted overstating the potential of the investment but claimed that he did not believe CVS would rely on it.
In response to his claims, Mr Justice Bright said,
“The only explanation for Mr Bonnier lying so repeatedly and determinedly was in order to secure CVS’s investment.”
He added,
“The defendants had no realistic way of attracting investment, or of generating income, except by misrepresenting the position to any potential investor.”
During a hearing on the judgment, Mr Bonnier failed in an attempt to delay paying the court-ordered damages.
He also revealed in court that he had personally spent £3.5 million pursuing the legal case.
How CVS lost millions after alleged false claims by Aaqua CEO?
Jonathan Nash KC, speaking for Candy Ventures, said Aaqua, which has since become insolvent, was founded in 2020 to develop a new social media application.
According to claims, Mr Bonnier assured Nick Candy and Steven Smith that Apple and LVMH planned to invest in the start-up, which Smith said was “completely fundamental” to CVS’s decision to invest.
As part of the February 2021 deal, CVS transferred 1.5 million Audioboom shares to Aaqua, valued at around £6.5 million.
The firm purchased 15,000 Aaqua shares, believed to be worth €7.5 million (£6.5 million), though Mr Nash said their value was “false and artificial,” induced by Mr Bonnier and Aaqua.
Nick Candy, who became Reform UK’s treasurer in December, holds a 90% stake in CVS.
In court, Mr Candy called Mr Bonnier’s actions “blatant lies” and “a very good story,” condemning the outcome as “disgraceful.”
He stated,
“I look stupid here now in court, but he was so believable and not just believable to investors, but believable to employees who left high-paid jobs. We want justice for them.”
Mr Bonnier admitted in court that he had been
“selling his aspirations for Aaqua very enthusiastically, sometimes perhaps going too far in the process.”
But he added that he had a
“proven track record of ‘pulling off the impossible’ and creating substantial value for shareholders.”
Who was Reform UK’s treasurer before Nick Candy?
Before Nick Candy became the treasurer of Reform UK in December 2024, the treasurer role was managed by Richard Tice. He also served as the party leader and contributed millions to its funding.
Mr Candy’s appointment marked a move to professionalize the party’s finances and fundraising efforts, transitioning from Mr Tice’s dual role as leader and treasurer to Mr Candy’s sole focus on treasury duties.
