Candy Ventures SARL v Aaqua BV & Anor

Candy Ventures SARL v Aaqua BV & Anor

The defendants made knowingly false representations regarding imminent investment by Apple and LVMH to induce CVS to invest in Aaqua. CVS relied on these representations, resulting in loss. Contractual exclusion clauses and estoppel do not bar liability for fraud. The defendants failed to prove mitigation of loss. CVS is entitled to damages based on the value of Audioboom shares less the value of AAA shares received.

Parties
Claimant: Candy Ventures SARL; First Defendant: Aaqua BV; Second Defendant: Robert Bonnier
Jurisdiction
England and Wales
Judgment Date
11 May 2025
Procedural Posture
Commercial Fraud Claim / Judgment After Trial, Following Debarring Order Against Defendants
Outcome
Claim succeeds. Judgment for claimant.
Legal Topics
Fraudulent Misrepresentation, Deceit, Damages, Contractual Exclusion Clauses, Estoppel, Mitigation of Loss
Fraud Commercial Law Contract Law Tort Law Fraudulent Misrepresentation Deceit Damages Contractual Exclusion Clauses +2 more

Case Brief

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Parties

Candy Ventures SARL

Claimant

Aaqua BV

First Defendant

Robert Bonnier

Second Defendant

Procedural Posture

Commercial Fraud Claim / Judgment After Trial, Following Debarring Order Against Defendants

Legal Issues

  1. 1 Whether the defendants made fraudulent misrepresentations to induce the claimant to invest
  2. 2 Whether the claimant relied on the misrepresentations
  3. 3 Whether the defendants intended the claimant to rely

Ratio Decidendi

The defendants made knowingly false representations regarding imminent investment by Apple and LVMH to induce CVS to invest in Aaqua. CVS relied on these representations, resulting in loss. Contractual exclusion clauses and estoppel do not bar liability for fraud. The defendants failed to prove mitigation of loss. CVS is entitled to damages based on the value of Audioboom shares less the value of AAA shares received.

Court Disposition

Claim succeeds. Judgment for claimant.

Orders

  • Defendants to pay damages of £4,623,919 plus interest to claimant.