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HRT slammed for 'misleading information' by supplier

ESPN Staff
December 11, 2012 « Hulkenberg ready to lead Sauber | Kubica not expecting F1 return soon »
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One of HRT's suppliers has accused the team of providing "misleading information" and claims the team went in to liquidation in early November.

Formtech Composites - which supplies a number of teams on the grid with carbon fibre components - claims it is owed a "substantial amount" from HRT after the team tried to change the terms of a repayment plan. The reasons given by HRT state that the team started liquidation procedures on November 12 2012 - the day Thesan Capital announced the team was up for sale - and claims that the owner of the team "is a Luxembourgian Fund".

Formtech accuses HRT of using "misleading information tactics" over its ownership and says it is investigating the team's shareholder ship before deciding on the next course of action. The statement in full reads as follows:

"It has come to our knowledge that they owe a substantial amount of money to other suppliers in the motorsports industry. HRT decided by mid-November 2012 to stop the F1 racing activity. Formtech Composites is one of their suppliers, who supported them until the last race in Brazil.

"By 15th November a payment plan for all open invoices was jointly settled between HRT and Formtech Composites and 25% of the amount was paid according to the plan - leaving still substantial amount unpaid. One week later HRT changed the responsibility of their people involved in the case and stated the following:

  • Liquidation procedures started on 12th November 2012 (so before payment plan was agreed)
  • They are no longer in a position to pay 100% of the outstanding invoices
  • The new offer is to pay 30p for every Euro owed across their entire creditor list, with no room for negotiation
  • The owner of the HRT F1 is a Luxembourgian Fund (misleading Formtech Composites Ltd on the possibilities of finding a viable way to chase the debt further)

"According to Formtech Composites Ltd's knowledge, the owner of HRT (which was formerly owned by Campos Meta 1 SL) is 100% Thesan Capital SL and no Luxembourgian Fund. Formtech Composites doesn't accept this misleading information tactics. Formtech Composites is going to investigate further into the true shareholder ship of HRT and Thesan Capital SL."

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