British couple sues Arthur Eze for alleged breach of contract

British couple, Richard and Deborah Conway, has sued oil magnate
and billionaire businessman Prince Arthur Eze at a London High
Court for alleged breach of contract.

The couple claims that Prince Eze allegedly pulled out of buying
their house valued at £5 million.

According to them, Eze’s failure to buy the house forced them to
take out a bridging loan in their bid to purchase another
house.

Besides, the plaintiffs said they eventually sold the house at a
reduced price of £4.2 million.

The couple is suing for £1.8 million, claiming they were left
with a “huge hole” in their finances and were left stranded when
Eze allegedly pulled out.

But, Eze has denied breach of contract and is counter-suing for
the return of his £500,000 deposit.

The Times, Evening Standard and Metro report that the couple
claims they had already exchanged contracts on the property before
the alleged breach.

The plaintiffs told the court that they were committed to buying
a new home in Cambridgeshire after deciding to relocate ahead of
their retirement.

They had to take out an expensive bridging loan when the deal
with Eze fell through, the High Court heard.

The couple claims they were forced to sell their home at a
reduced price of £4.2 million, and are suing the prince to recover
losses as well as “family expenses”.

Mr. Conway (62) said he and his wife wanted to “pay off all our
debts and start again” when they put their home up for sale for £5
million.

“It was necessary for them to obtain bridging finance to fill
the huge hole left by Prince Eze’s failure to complete and failure
to pay the balance of the purchase price,” said their lawyer
Matthew Collings (QC).

The court heard that parties exchanged contracts for the
nine-bedroom home in August 2015 and that Prince Eze had been
acting through a “go-between” and had never seen the house.

But, Prince Eze, said to be worth £2 billion, denies breach of
contract and is counter-suing the couple for the return of his
£500,000 deposit.

The 62-year-old founder of Atlas Oranto Petroleum said he paid a
10 per cent deposit, claiming that the deal was void because the
Conways agreed to pay the agent a “secret commission” that was
unknown to him.

Prince Eze told the court that he had “good intentions” when he
agreed to buy the house, adding that he wanted “a genuine
investment in the UK”.

“I wasn’t concerned about the price but I was concerned about
people being open. I thought there was something funny going on,”
he said on why he pulled out.

Prince Eze rejected a suggestion that a drastic drop in oil
prices forced him to pull out of the deal.

Judge Andrew Keyser QC reserved his judgment.

British couple, Richard and Deborah Conway, has sued oil magnate
and billionaire businessman Prince Arthur Eze at a London High
Court for alleged breach of contract.

The couple claims that Prince Eze allegedly pulled out of buying
their house valued at £5 million.

According to them, Eze’s failure to buy the house forced them to
take out a bridging loan in their bid to purchase another
house.

Besides, the plaintiffs said they eventually sold the house at a
reduced price of £4.2 million.

The couple is suing for £1.8 million, claiming they were left
with a “huge hole” in their finances and were left stranded when
Eze allegedly pulled out.

But, Eze has denied breach of contract and is counter-suing for
the return of his £500,000 deposit.

The Times, Evening Standard and Metro report that the couple
claims they had already exchanged contracts on the property before
the alleged breach.

The plaintiffs told the court that they were committed to buying
a new home in Cambridgeshire after deciding to relocate ahead of
their retirement.

They had to take out an expensive bridging loan when the deal
with Eze fell through, the High Court heard.

The couple claims they were forced to sell their home at a
reduced price of £4.2 million, and are suing the prince to recover
losses as well as “family expenses”.

Mr. Conway (62) said he and his wife wanted to “pay off all our
debts and start again” when they put their home up for sale for £5
million.

“It was necessary for them to obtain bridging finance to fill
the huge hole left by Prince Eze’s failure to complete and failure
to pay the balance of the purchase price,” said their lawyer
Matthew Collings (QC).

The court heard that parties exchanged contracts for the
nine-bedroom home in August 2015 and that Prince Eze had been
acting through a “go-between” and had never seen the house.

But, Prince Eze, said to be worth £2 billion, denies breach of
contract and is counter-suing the couple for the return of his
£500,000 deposit.

The 62-year-old founder of Atlas Oranto Petroleum said he paid a
10 per cent deposit, claiming that the deal was void because the
Conways agreed to pay the agent a “secret commission” that was
unknown to him.

Prince Eze told the court that he had “good intentions” when he
agreed to buy the house, adding that he wanted “a genuine
investment in the UK”.

“I wasn’t concerned about the price but I was concerned about
people being open. I thought there was something funny going on,”
he said on why he pulled out.

Prince Eze rejected a suggestion that a drastic drop in oil
prices forced him to pull out of the deal.

Judge Andrew Keyser QC reserved his judgment.