German sues Maltese brokerage company over release of funds
A German man has filed an application against a Maltese brokerage company for releasing funds before the terms of the contract had been fulfilled.
In an application filed by lawyers Veronique Dalli and Frank Testa, Richard Häring, explained that he had reached an agreement with Italian national Luigi Celentano to purchase a Ferrari and a Lamborghini at €160,000.
The agreement stipulated that Mr Häring was to pay €1,000 with immediate effect and that the remaining €159,000 was to be paid upon the vehicles’ arrival in Italy.
As agreed upon between the parties, after paying the deposit, Mr Häring deposited the balance with MPM Capital Investments Limited, which was to release the funds to Mr Celentano solely upon Mr Häring’s authorisation.
Yet despite the vehicles not having been consigned, the funds were released to Mr Celentano without Mr Häring’s authorisation.
The cars have still not been consigned.
Mr Häring asked to court to rule that MPM Capital Investments Limited acted negligently in releasing the funds without authorisation and asked the court to order the company to pay €159,000 in damages.
In a reaction, MPM Capital Investments said Mr Haring was not a client and the...