Swiss group Engavest, which purchased the Caterham Formula 1 team in June, has entered arbitration proceedings against the former owners, including Tony Fernandes.
Engavest SA, through a parent company called CF1 Grand Prix Holdings SA purchased MRT1 – the company that owns the entry to compete in the FIA F1 World Championship.
Several months later, the new owners claimed that the former proprietor had not handed over the shares. At the same time, Tony Fernandes and his business partners stated that they had not been paid.
Engavest is now seeking compensation, and has now began a process of arbitration with Malaysian entrepreneur Tony Fernandes and his partners with a view to coming to a resolution.
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Photo: Caterham F1 Team |