Debt-ridden council accuses solar tycoon of blowing £150m of its cash on luxury lifestyle including £14m yacht, £9m private jet and £20m on country estate By Elizabeth Haigh Published: 15:03, 16 August 2024 | Updated: 15:09, 16 August 2024 e-mail 16 View comments A debt-ridden council has accused a Dubai-based solar tycoon of blowing £150 million of its cash on his luxury lifestyle, including by purchasing his own yacht and private jet. A High Court lawsuit by Thurrock Council in Essex, which declared itself bankrupt in 2022, claims Liam Kavanagh spent £13.7 million on a new yacht, £9.
1 million on a private jet and another £20 million on a 232-acre country estate in Hampshire. The council invested some £400 million in bonds for a green energy scheme involving solar farms run by Kavanagh and his company Rockfire Capital, and racked up debts totalling more than £1.4 billion.
It initially invested £268m, and claims it then went on to invest more cash based on 'fraudulent misrepresentations' and that Kavanagh deliberately ensured 'completely unrealistic' electricity prices were used to increase the farms' value. A High Court judge first questioned the integrity of the scheme after it came to light that Kavanagh and his company had pocketed £5 million in 'commission'. A High Court lawsuit by Thurrock Council in Essex, which declared itself bankrupt in 2022, claims Liam Kavanagh spent £13.
7 million on a new yacht, £9.1 million on a private jet and another £20 million on a 232-acre country estate in Hampshire Kavanagh owns a fleet of super-cars including a Bugatti Chiron (stock image) - although these are not cited in legal filings It is alleged Kavanagh spent almost £14 million of Thurrock Council's money on a Bombardier private jet (stock image) Now court papers have revealed how cash was splurged on the Bombardier jet and yacht, as well as a £3 million home in Mallorca. Read More The neighbours at war over FLOWERS: Moment raging businessman rips up bed of wildflowers But the most expensive purchase was the Hampshire country estate, which comes complete with a swimming pool, wine cellar, home cinema and steam and hot tub room.
Kavanagh also owned several supercars including a Bugatti Chiron, but there is no suggestion these were bought with the council's money. Thurrock's involvement with Mr Kavanagh began in June 2016 when, alongside Warrington and Newham councils, it financed the purchase of a solar farm in Swindon through bonds marketed by his company Rockfire Capital. Over the next two years, Thurrock helped buy 53 sites across the UK, all of which are now owned by Mr Kavanagh.
The investments were issued through a complex series of bonds, all due to mature in the next three to four years. In return, Thurrock would get interest payments worth millions of pounds. Days after concerns emerged about Thurrock's solar deals in 2020, a new company, Anyard Holdings, was registered in the Isle of Man.
Kavanagh subsequently liquidated key companies that owed the council hundreds of millions and transferred the solar farms into the new offshore structure. Kavanagh (pictured) subsequently liquidated key companies that owed the council hundreds of millions and transferred the solar farms into the new offshore structure Thurrock's involvement with Mr Kavanagh began in June 2016 when, alongside Warrington and Newham councils, it financed the purchase of a solar farm in Swindon Thurrock Council, which was Conservative until the local elections in May, issued its claim against Kavanagh and Rockfire Capital in March, and is asking for financial compensation. Last month, a judge ruled Kavanagh could be served with legal papers through a legal firm in the UAE.
Court papers were published this week after Kavanagh's lawyers acknowledged their receipt. Kavanagh denies the allegations, previously releasing a statement: 'The claim has not been validly served on Mr Kavanagh and he is confident that his application challenging the court's jurisdiction will succeed. 'Irrespective of the question of jurisdiction, Mr Kavanagh strenuously denies the allegations.
If and when necessary to do so, and should the court permit the claim to proceed, Mr Kavanagh will be putting forward a full defence.' Cllr John Kent, Leader of Thurrock Council, said: 'We have an obligation to Thurrock residents to recover as much money as possible and we will pursue these claims as vigorously as possible. 'We have served the claim on Kavanagh in Dubai, where he now resides, and now we look forward to our day in court where he will face accusations that he deceived the council and misappropriated money to fund an extravagant lifestyle he could otherwise not afford.
'This action demonstrates how determined we are to maximise our recovery on these investments, establish how our investment money was taken, and make sure that those culpable face the consequences of their actions. Dubai Share or comment on this article: Debt-ridden council accuses solar tycoon of blowing £150m of its cash on luxury lifestyle including £14m yacht, £9m private jet and £20m on country estate e-mail Add comment.
