Caterham F1's buyers Engavest have refuted Tony Fernandes' claims that purchase obligations were not met, and has stated its “total contempt” for Fernandes and Caterham Group executives.
Following Engavest's statement on Wednesday night that it was considering pulling out
as it hadn't received shares from Fernandes, the F1 team's buyers also insisted it had paid everything as agreed
. However, Fernandes then hit back saying Engavest had “failed to comply with any of the conditions” in the sale agreement
In that statement, Caterham Group CEO Graham Macdonald said he doubted the intentions of Engavest and added: “I go on to question how anyone who was interested in the long term future of the business would appoint one of their cleaners – Constantin Cojocar – as the sole director and shareholder of the UK operating company?”
The war of words continues, with Engavest responding once again and says its earlier position still stands, insisting that Fernandes is to blame for the situation.
“Every single condition precedent of the Sales and Purchase Agreement for which Engavest was responsible has been met,” Engavest said in another statement. “Only the seller, which includes Mr Fernandes, failed to meet his obligations.
“All salaries have been paid.
“Engavest sold CSL. It did not appoint Mr Cojocar who, we believe, was a former top footballer for Steaua Bucarest during the 1980s.
“The claims of Mr Fernandes and Mr Macdonald contradict their own press statement dated 03 October 2014
“Caterham Group wishes to clarify that, following the sale of the F1 business in July, it has no affiliation with Caterham F1 Team”.
“That one sentence alone contains two errors:
“1, the date was June 29
“2, having failed to transfer the shares Caterham Group and Mr Fernandes wholly owned Caterham F1 at the time of the statement, as they do today.
“Incidents such as a Caterham Group representative forcibly breaking into a filing cabinet containing our private and confidential documents and the continued refusal to deal with the outstanding loan of Exim Bank and complete the agreement has culminated in Engavest's total comtempt [sic] of Mr Fernandes and his Group executives with whom we entered a deal in good faith.”