Dispute between Web Summit founders goes to Commercial Court

High Court hears claim that breaches of fiduciary duty are likely to give rise to a loss of US$10m to the Web Summit company

Web Summit's co-founder Paddy Cosgrave says co-founder David Kelly was involved in the establishment of a multi-million euro fund under false pretences that has cost the firm significant loss. Picture: Pedro Nunes / Reuters

A co-founder and majority shareholder in the world's largest technology conferences — the Web Summit — claims a fellow co-founder was involved in secret efforts to set up an investment fund for his own personal gain by using the resources of the business.

Patrick Cosgrave, a director and majority shareholder in the Summit holding company, says David Kelly was involved in the establishment of a multi-million euro fund under false pretences that effectively constituted the company's opportunity and has cost the firm significant loss.