High Court rules on Charterhouse exec share case

Michael Bow
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THE HIGH Court yesterday dismissed claims by a former executive at private equity firm Charterhouse against the firm’s other bosses over the value of his stake in the firm.

Geoffrey Arbuthnott, a director of the company, claimed other directors tried to “expropriate” his stake by undervaluing his shares. Arbuthnott owned 8.91 per cent when he retired.

He also claimed the company failed to investigate concerns about the “misuse of confidential information”. Two other claims of unfair prejudice were made.

In a judgment handed down yesterday in the High Court’s Chancery Division, Justice Asplin rejected the claims.

“Mr Arbuthnott cannot complain as to the process or value placed upon the shares,” it said.

“The only realistic purchasers were the ongoing executives.”