By Tom Winnifrith | Saturday 14 October 2017
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Watchstone Group (WTG) has filed its High Court defence against Slater & Gordon's £649 million claim against it for having been sold the fraud that was Quindell Legal Services (QLS). I must admit it makes for impressive reading and is robust. The one person for whom it makes utterly grim reading is the King of the fraudsters Rob Terry.
The defence is in robust to the Slater claim that you can see HERE
The defence of Watchstone is not that there was no fraud. I refer you to note 7 on page 4 of the summary document. The defence line being run is that all the things that are now claimed as fraud were fully known to S&G when it bought Quenron.
There are some matters that are not black and white. What did CEO Rob Fielding say or not say to S&G. Given that Fielding has been shown to have trousered £2 million by getting Quindell to buy a worthless business from a convicted Nigerian fraudster and to be guilty of a string of other frauds I am not sure that his word will count for much in Court. Who will the judge believe: the lying cheating fraudsters team Quenron) or the poltroons (team S&G)?
Perhaps Quindell's former HR supremo pouting Mrs Jill Harrison could speak up for Fielding to explian what an upstanding fellow he is.
But the failure of Watchstone to deny that fraud took place is telling It would seem an obvious defence but for the fact that fraud so obviously did take place. For Rob Terry, Rob Fielding, Laurence Moorse and the rest of the Quenron gang, responsible for the UK's biggest stockmarket fraud for 30 years the writing is on the wall. The Serious Fraud Office continues its work.
You can read the summary document HERE
You can read the full document HERE
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