Liquidators Accuse Ex-Biofuels Co. Directors Of Dishonesty

Law360, London (March 2, 2021, 7:07 PM GMT) -- Four former directors of a collapsed biofuels company misled shareholders about their failed fundraising efforts and should have to pay for the losses after they blocked a board shakeup, the company's liquidators said at the opening of a London trial Tuesday.

Andrew Sutcliffe QC, representing the liquidators of TMO Renewables Ltd., said the former directors "were prepared to act deliberately and dishonestly" to defeat resolutions at an extraordinary general meeting in 2013 proposed by two other directors who wanted them out of the company.

He accused them of deceiving shareholders into believing they had found a cornerstone investor to fix the...

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