3 May 2023
Bloomberg When do we walk? This is the question that my current clients are asking. Its one of the oldest plays at the negotiating table. But Ive always believed you need to mean it if you threaten it. Because its the nuclear option. To recap, we agreed terms on a flat in Belgravia two months ago. Sale price: 16 million ($20 million). The property is held as the sole asset of an offshore company veiled by a web of territories. My clients intention has been to buy the company itself and save the stamp duty (15% in this case, not an inconsiderable sum). The lawyers completed the KYC and AML checks, and all seemed fine at first. Then, gradually, pieces of information owed us did not arrive as promised, certain documents that did come through lacked credibility and inch-by-inch our suspicions grew.
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