Andrew King sues Stewart family over $42m spray paint business deal
The Stewarts dispute the claim and have made their own claim over a $3 million balance.
King bought MMP Industrial from the Stewart family for $42 million. King says he found out months later the firm was on the brink of collapse.
King is suing the Stewarts and many family companies for damages over alleged misleading and deceptive conduct. The Stewarts have made their own claim over the $3 million balance payable on the deal.
The Stewarts dispute King's claim, and a trial is still to come. A court hearing also heard allegations of an arson attack on MMP's biggest competitor.
An alleged plot to kill MMP's rival boss was also raised in the hearing.
- $42 million
- Sale price
- $3 million
- Balance payable
- $8 million
- Alleged arson attack
Why it mattersThe court will decide whether the buyer was misled, and whether the Stewarts get the $3 million balance.
AustraliaNo direct Australian effect yet, as this is a civil case still waiting for trial.
Corroborated bytheage.com.au·watoday.com.au
✓ Claims checked against the source and corrected before publish. checked 55 min ago
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