Former XL Leisure boss Phil Wyatt denied using flight deposits to pay Goldtrail Travel director Abdulkadir Aydin for shares in the company when he appeared in the High Court this week.
Wyatt insisted: “There was no agreement to use Goldtrail deposits to pay Mr Aydin.” He and fellow defendants Magnus Stephensen, Halldor Sigurdarson and Black Pearl Investments (BPI) are contesting a £1.4 million claim by Goldtrail liquidator PricewaterhouseCoopers (PwC). Goldtrail failed in July 2010 owing £33 million.
Viking Airlines, in which Wyatt said he invested £2.9 million, sold seats through Goldtrail. Meridian Aviation, with which the defendants were involved, acted as Viking’s general sales agent. PwC alleges the defendants were involved in the “misapplication” and “misuse of payments”. Aydin transferred £10 million to his family before putting Goldtrail in administration.
Wyatt acknowledged he hid the purchase of 50% of Goldtrail from the CAA, telling the court: “XL Leisure failed in September 2008 … I don’t think the CAA perceived me as a desirable person.”
Counsel for PwC quoted an email from Aydin referring to deposit payments and suggested to Wyatt: “You and Mr Sigurdarson were in control of payments to Goldtrail.” Wyatt said: “No.” He described references to a five-year seat-sale agreement with Goldtrail as “a mechanism to pay Mr Aydin for his shares”.
Solicitor Malcolm Grumbridge, a BPI director, agreed he introduced Aydin to accountant and convicted travel-fraudster Timothy Entwisle.
Counsel for PwC said: “You considered him suitable?” Grumbridge said: “I did.”