Geldof wins latest Africa investment firm legal case
A High Court judge had been asked to decide whether a dispute, centred on the 8 Miles private equity firm, of which Geldof is the chairman, should proceed to a trial.
Businessman Miten Dutia claimed that he was a member of a partnership, along with Geldof and three other businessmen, behind the creation of 8 Miles. They disputed the claim.
Mr Dutia said his claim should be analysed at a trial.
Geldof, and the other businessmen, said Mr Dutiaâs âpartnership claimâ was âwithout meritâ.
They said there was âno good reasonâ for a trial.
A less senior judge had already ruled against Mr Dutia.
Chief master, Matthew Marsh, granted âsummary judgmentâ in favour of Geldof, and the three other businessmen.
He said Mr Dutiaâs prospects of success at a trial were âfancifulâ.
Mr Dutia then asked a High Court judge to overturn that ruling.
But Mr Justice Nugee, on Wednesday, ruled against Mr Dutia and dismissed his appeal. He said in a written ruling: âI am entirely satisfied that the chief master was right to conclude that the partnership claim was unsustainable.â
Mr Justice Nugee had analysed the appeal at a High Court hearing in London, in December.
Bob Geldof, the driving force behind the 1980sâ Band Aid and Live Aid projects, had not been at that hearing.
A company website said 8 Miles was a private equity firm, âfocused exclusively on making private equity investments in Africaâ.
âWe invest in consumer-driven businesses and service providers with strong growth prospects,â said a website summary.
âA core part of our strategy is active ownership â actively participating in transforming businesses in which we invest. We are âhands-onâ investors in Africa.â
It said Geldof was the chairman of 8 Miles and âadvises the team on political and strategic issuesâ.
Mr Justice Nugee said Mr Dutia had made other claims, and legal action would continue in relation to those.
