Vincent Tan: Cardiff City owner in High Court row with ex-club director

Vincent Tan
Malaysian billionaire Vincent Tan has owned Cardiff City since 2010

A former director at Cardiff City is suing the club and owner Vincent Tan, claiming his shareholding has been diluted.

Among the issues Michael Isaac has raised is if Mr Tan was responsible for "wrongly removing" Mr Isaac from his position as a director.

There is also a dispute over whether a 2014 loan of £7.5 million was "falsely recorded" in financial records.

Mr Tan says Mr Isaac's claims should be struck out.

He says Mr Isaac hopes to "air his grievances" over the running of the Championship club at a trial.

Detail of the legal action was outlined at a virtual preliminary hearing in front of judge Mark Mullen on Thursday, 4 June.

Romie Tager QC, representing Mr Tan, said Mr Isaac claimed that he had been "unfairly prejudiced by a number of matters".

"(Mr Isaac) is a 1% shareholder who claims that he should be treated as an 11% shareholder, and that he has been unfairly prejudiced by a number of matters (including the dilution of his shareholding) which he contends represent the conduct of the majority shareholder, Mr Tan, whom he contends is a shadow director," said Mr Tager, in a written case outline.

"He seeks an order for the purchase of his shares by Mr Tan."

Mr Tager added: "(Mr Tan) concluded that this was a case where the Court should strike out the petition before the parties are put to the trouble and expense of disclosure, preparing for a trial and the trial itself - at which (Mr Isaac) hopes to air his grievances regarding the running of the Cardiff City Football Club."

He said a number of issues had arisen, including: whether Mr Tan "procured the dilution" of Mr Isaac's shareholding; whether a March 2014 loan of £7.5 million, recorded as lent by Tormen Finance Inc, was "in fact advanced by Mr Tan" but "falsely recorded" in the club's financial records; whether Mr Tan was responsible for "wrongly removing" Mr Isaac from his position as a director of the company; whether Mr Tan "threatened" Mr Isaac with "a Christmas message"; and whether Mr Tan "procured the club" to issue and pursue a "vindictive claim" against Mr Isaac.

A judge is due to oversee a further preliminary hearing in the near future.

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