Rich Energy CEO William Storey is being brought to court over alleged failure to transfer shares of his company to another in 2016.
In the latest twist in the Rich Energy tale, CEO William Storey will face another court hearing where shares in the company are at stake.
The claimants Vin-X, a London based fine wine investment company, say that an agreement between them and Storey was agreed upon in late 2016. The agreement was that Vin-X would provide advice and expertise to RE on issues such as raising finance and on the drinks industry in general. In exchange, Vin-X say that payment of 20% of RE company shares was agreed.
A separate claim, regarding a loan of £20,000 from Vin-X to Rich Energy, has also been lodged. Vin-X claim that the agreement was that this sum would be repaid on two different, and specified, dates. They say the loan was not repaid.
Rich Energy and William Storey have said that the agreement regarding the shares was never enforceable nor valid, and deny that the agreement was made in the first place. Storey also says that Vin-X didn’t perform the duties outlined in the agreement.
As for the loan, RE/Storey haven’t denied the £20,000 loan and that they received that money, but claim that Vin-X have already been repaid. Storey says he invited key members of the Vin-X company to various corporate events and that these invitations are deemed to have served as payment in kind. Vin-X deny that these corporate events either resulted in an invitation or attendance.
Vin-X will now face Storey and Rich Energy in court, where they are seeking clarification on the 20% shares in Rich Energy that they were allegedly promised in exchange for their services. The hearing set for Thursday morning, 18th of July, at 10am in London’s Central County Court.