Businesswoman claims €4.2m ‘misappropriated’

A British-based businesswoman whose family put £3.3m (€4.2m) into an Irish-based frozen yoghurt business has claimed the monies invested have been misappropriated by a co-director.

Yelene Aust, from Oxford, claims the monies she, her father and brother, invested in the business and related companies has been improperly used by Clonmel-based businessman Michael English, to purchase assets in his own name and in the name of other firms he controls.

A sworn statement to the High Court claims money in the businesses is missing and company money was used by Mr English to purchase assets, including a villa in Portugal.