Duchess of York faces a £19m lawsuit over her failed media investment company: Sarah Ferguson is among the group of directors being sued by liquidators after £500,000 in ‘unexplained’ loans were made to her companies
The Duchess of York is facing a £19 million lawsuit over her failed media investment company, Gate Ventures.
Sarah Ferguson and Ofcom chairman Lord Grade are among the company’s directors who must face the liquidators determined to recover the sum.
Gate Ventures, which invested in West End productions of Sunset Boulevard and 42nd Street, has made more than £500,000 in ‘unexplained’ loans to the Duchess, the Sunday Times reported yesterday, including £232,000 to her tea and crockery company, Ginger & moss.
The newspaper said the loan has not been repaid and its recent repayment offer was so low that it was rejected.
The company, which also had six other directors, raised an estimated £24 million, mainly from small investors in the Far East who were impressed by the high-profile couple, the paper said.
Sarah Ferguson, Duchess of York, pictured on May 18. Millions were wasted on shoddy investment and administration costs, including a £5 million expense account
Pictured: Princess Diana talking to Sarah and Prince Andrew in 1987. The Duchess of York faces a £19 million lawsuit over her failed media investment company
However, the Sunday Times reported that a significant portion of the investment and loans were made to companies linked to the directors.