Gibraltar-based investment firm Argyle in the news on legal battle


A US court has ruled that the Corporation of Hamilton is on the hook for the improper release of $13.7 million intended to kick-start a hotel project, which ultimately failed.

The legal action related to a July 2014 loan to Par-la Ville Hotel and Residences, which was intended to jump-start financing to build a hotel on the site of the Par-la-Ville parking lot.

A total of $12.5 million of the money borrowed by PLV was transferred to Argyle, a Gibraltar-based investment firm. The funds were never invested on PLV’s behalf and the PLV quickly defaulted on the loan.

A judge at the High Court in London ruled in July 2017 that Robert McKellar, the director of Argyle, had engaged in “unjust enrichment” and had spent the money.

Read more.

Also -