HCC wins £5m insurance judgement against CMAL
A summary judgment is granted in favour of HCC International insurance aganst CMAL to claim £5 million owed as a result of the way ministers bought the shipyard when it was in administration. The Scottish government, which owns CMAL, said it was aware. Deputy High Court Judge Simon Gleeson:
It is easy to see why this decision seems to have caused so much anger and irritation amongst the Scottish ministers. In paying for the business of FMEL (Ferguson Marine) by reducing FMEL’s liabilities to them, they believed that they were simply transferring their own money from one pocket to another, with the transaction having no impact on their overall obligations. The discovery that the choice of transaction structure had resulted in their being required to pay a little over £5million to a third party must have been highly unwelcome.
Scottish government spokesman:
We are aware of a summary judgment that has been made in the English courts in relation to the claim.