Eric Watson ordered to pay $50m after court loss

Eric Watson ordered to pay $50m after court loss

Eric Watson has been ordered to pay £25,259,986.49 (NZ$49,4363,19.56) plus costs after a court case in the UK.

The New Zealand business man was taken to court by Sir Owen Glenn and Kea Investments Ltd over a joint European property venture called Spartan Capital.

The court found Mr Watson had "planned and orchestrated" a deceit using "fraudulent misrepresentations" to get Kea to enter into agreements. As a result, Kea invested £129 million into Spartan Capital - money Mr Glenn wanted back from Mr Watson.

"His evidence was often more in the nature of argument than recollection," the judge found.

"I am completely satisfied… he resorted to deliberate deception; and that he not only did so himself but also recruited those who worked with him to do so as well."

Mr Watson will not appeal the judgement, and has been ordered to make an interim payment as well as pay costs.

Sir Owen says he is determined to make Mr Watson pay for his actions.

"I am totally determined to pursue Mr Watson to the ends of the earth - if necessary taking action against his trusts and third parties holding assets on his behalf - to ensure he pays every penny that is found due," he says.