Adam Cooper
The first step of legal proceedings between the purchasers of Caterham F1 and the original owners has commenced.
Swiss-based consortium Engavest SA bought MRT1 – the company that owns the entry – at the end of June. However, after the management it put in place had run the team for several months, it emerged that the original owners had not handed over the shares.
At the same time, the associated Caterham Sports company went into the hands of the administrators, who in turn gained control of the whole team.
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Engavest is now seeking compensation, and has begun a process of arbitration with Tony Fernandes and his partners with a view to coming to an out-of-court resolution.
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