The pop megastar claims #20million is missing from his empire...
SIR ELTON JOHN launched a legal action against top city accountants PRICE WATERHOUSE COOPERS at LONDON HIGH COURT today (October 30).
Sir Elton, who was not at court for the start of the complex case, is suing the firm in a claim involving over #20million he claims is missing from his business empire.
However, he is scheduled to be called as a witness during the hearing, which is estimated to last up to eight weeks and which involves allegations against both the accountancy firm and Andrew Haydon, former managing director of management company John Reid Enterprises, which managed Sir Elton‘s affairs.
The 53-year-old pop superstar has mounted the claim along with three of his companies, W Bong Ltd, J Bondi Ltd and Happenspace Ltd.
Today, as the case opened, Mr Justice Ferris was told by Sir Elton‘s counsel, Gordon Pollock QC, that Sir Elton had left administrative matters involving his business to others.
Explaining Sir Elton‘s lack of involvement in business matters, Mr Pollock said Sir Elton had an aversion to “men in suits” – lawyers, accountants or others – who badgered him to take on board lots of boring details.
He said that rather than get involved in that side of the business, he hired others to do the boring administrative tasks. He had, said Mr Pollock, “trusted them implicitly”, and had paid them lots of money for their services.
Sir Elton had also sued John Reid, but that case has already been settled with Sir Elton accepting a #3million pay-out.
The hearing continues.