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Fast cars, slow cash - business partner sued in failed £1m supercar investment scheme

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Following a recent decline in the value of the luxury car market, former business partners Petro Levchenko and Karan Abbott are now facing an unedifying – and expensive - High Court battle to decide who is at fault for the losses their partnership incurred.

Having originally met each other in a London shisha bar, and with subsequent meetings at a string of fashionable London nightspots, Levchenko and Abbott originally agreed to form a business relationship that would combine Levchenko’s experience as a trader in digital currencies with Abbotts passion for the luxury and rare car market.

The plan was to invest hundreds of thousands of pounds on exotic car brands such as Aston Martin, Ferrari and McLaren, with a view to making profit in a rising market on the resale value of the cars. However, it would appear that the market for such high-end cars is actually falling, with Brexit uncertainties being a factor. The result is that Levchenko is suing Abbott for up to £1m, based on a claim that his former partner owes him a return on his investments in the scheme. In response, Abbott is claiming that Levchenko had renaged on a deal to fund the purchase of the cars, leaving him to have to make monthly payments of up to £7,000 on his own.

Levchenko’s High Court writ alledges that large sums of money were transferred to Abbott, including £150,000 for a property investment, £110,000 to buy a Ferrari 365, £59,000 in deposits for three brand new McLaren supercars, and at least £84,000 to put towards the purchase various other Ferraris, Mercedes’ and Lamborghini’s. It appears that Levchenko did not make proper paper records of the transactions, but is also alleging in the writ that Abbott had repeatedly reassured him that he needed to be patient and that things would work out. Levchenko claims that Abbott “knowingly and deliberately took advantage of his lack of experience” in car investments” and that he had also been subject to “undue influence” from Abott.

The case is due to be heard in London’s High Court later this year.

If you are thinking about taking legal action against another individual or company but are worried about the costs involved, Advantage Litigation Services have the skills and expertise to help you find a way of funding commercial litigation without risking your personal finances or those of your business. Click here to contact us today or call 0800 160 1298 to see how we can help.

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