Tire Co. Hits Rival Execs With £7M Fraud Suit Over Share Sale

Law360, London (February 6, 2020, 6:52 PM GMT) -- Grantham Capital has filed a £7.2 million ($9.3 million) claim against 37 individuals, accusing them of manipulating the financial records on which the tire company based its offer to buy a rival company in 2018.

Grantham said in its High Court claim that as soon as it showed an interest in acquiring England's Vaculug Traction Tyres Ltd., the directors and other shareholders of the company began working to artificially inflate its 2017 reported profits and misrepresent how much extra money the company had.

The company said in its claim, filed with the court Jan. 16, that it should be able to...

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