Trustee Chases £102M From Hotel Sales Spurred By Fraudster

By Bonnie Eslinger (November 22, 2021, 10:51 PM GMT) -- The liquidator for three London hotels caught in a tangled fraud that put one businessman behind bars argued Monday that an investor who bought and sold the posh properties while retaining a beneficial interest needs to give back £102 million ($136 million) in ill-gotten gains.

During opening trial statements in the High Court case, James Pickering QC of Enterprise Chambers said that because real estate investor Andrew Ruhan had been on both sides of the sale of the three hotels, which overlook Hyde Park, he had an unlawful conflict of interest. Pickering said that Ruhan breached his fiduciary duty to Hotel...

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