Monday 20 August 2018

Panda legal battle with Craven House resolved

The matter was due before the courts this week, but has now been struck out after the companies reached an agreement. (stock photo)
The matter was due before the courts this week, but has now been struck out after the companies reached an agreement. (stock photo)
Gavin McLoughlin

Gavin McLoughlin

The company behind Panda Waste has resolved a heated legal row with London-listed Craven House Capital.

The matter was due before the courts this week, but has now been struck out after the companies reached an agreement.

Panda declined to comment.

The row centred over the potential purchase of Panda by Craven House in 2015. Craven House said it had signed binding heads of agreement to buy the business, owned by Eamon Waters.

Panda claimed the arrangement was not binding.

The deal valued the company - built by Mr Waters into Ireland's largest waste business - at just under €80m. In 2016 Panda bought rival Greenstar from investment fund Cerberus.

The legal row looked set to be explosive after Panda launched an attack on a rival businessman's character.

In a High Court hearing last month, Panda introduced witness statement details on a previous judgment for fraud against businessman Mike Battles.

Martin Hayden SC, counsel for Sretaw (the company behind Panda), told the court that Mr Battles, a senior figure at Craven House during the relevant period, had a final judgment for fraud against him in the US.

The judgment related to work carried out in Iraq in the aftermath of the US-led invasion of that country in 2003.

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