Fernandes responds to Caterham claims
Tony Fernandes has bitten back at claims made by Swiss company Engavest that the current state of the team is his responsibility.
Fernandes sold Caterham in June but it appears that he hasn’t handed over the shares. Engavest claim they have banked rolled the team since June and have threatened to walk away.
Fernandes claims that Engavest has not kept to certain conditions that they agreed when a deal was struck.
He said that Engavest has to pay “all existing and future creditors” if he is to hand over the shares.
Andre Lotterer Caterham CT05 Renault
His statement said: “We agreed in good faith to sell the shares to a Swiss company named ‘Engavest’ on the basis that Engavest undertook to pay all of the future and existing creditors, including the staff.”
“The continued payment of staff and creditors was so important to me that I ensured that the shares would not be transferred to the new buyers, unless they complied with this condition.”
“Sadly, Engavest has failed to comply with any of the conditions in the agreement and Caterham Sport Ltd (the UK operating company of the F1 team) has to be put in administration by the bank, with large sums owned to numerous creditors.”
“Our agreement with Engavest was very clear: there was no legal obligation to transfer the shares to them unless certain conditions- which included paying creditors- were met.”
“These conditions have not been met. Our lawyers have asked Engavest several times to comply with these conditions but they have failed to engage.”
“If you agree to buy a business you must pay its bills. They have breached that promise and now, sadly, it is others such as the employees and the fans of the Caterham F1 team that will suffer if the team ceases to race.”
Caterham logo
Caterham Group CEO, Graham Macdonald, said: “It appears to me that they (Engavest) never had any intention of paying these liabilities.”
“In short the new owners have paid us northing and, now the administrators have been appointed, they want to walk away from their liabilities.”
Caterham have had some of their parts displayed on twitter as the bailiffs try to see their goods.
It is unlikely they will race at the US Grand Prix next week.
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