Duchess of York faces £19m lawsuit over failed media investment firm
Duchess of York faces £19m lawsuit over her failed media investment firm: Sarah Ferguson is among group of directors being pursued by liquidators after £500k in ‘unexplained’ loans were made out to her businesses
- Sarah Ferguson and Ofcom chairman Lord Grade among those facing suit
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The Duchess of York is facing a £19 million lawsuit over her failed media investment company, Gate Ventures.
Sarah Ferguson and Ofcom chairman Lord Grade are among the firm’s directors set to face the wrath of liquidators determined to recoup the sum.
Gate Ventures, which invested in West End productions of Sunset Boulevard and 42nd Street, made more than £500,000 of ‘unexplained’ loans to the duchess, the Sunday Times reported yesterday, including £232,000 to her tea and dinnerware company, Ginger & Moss.
The paper said that the loan has not been repaid and that her recent offer of repayment was so low that it was rejected.
The company, which also had six other directors, raised an estimated £24 million, primarily from small-time investors in the Far East who were ‘wowed’ by the high profile pair, the paper said.
Sarah Ferguson, Duchess of York, pictured on May 18. Millions were wasted on shoddy investments and admin costs, including a £5million expense account
Pictured: Princess Diana talking with Sarah and Prince Andrew in 1987. The Duchess of York is facing a £19 million lawsuit over her failed media investment company
However, the Sunday Times reported that a substantial chunk of the investments and loans were made to companies linked to the directors.
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