Chinese financier stakes claim on Madison sale

Platform provider OneVue has conceded that a recent claim from a Chinese creditor regarding the collapse of Sargon could see a further court battle over the sale proceeds of dealer group Madison Financial Group.

In an update to the market on Monday, OneVue said while the sale of the dealer group was "very close to finalisation", Chinese group Taiping Trustees (China-Taiping) had recently asserted a claim over the ownership shares in Madison that were acquired by OneVue as a result of fintech group Sargon falling into administration.

OneVue said it would now need to obtain consent from China-Taiping to complete the sale, or else go to court to obtain an order to permit the sale.

The group added that following the sale a further court determination would likely be needed to ascertain whether OneVue or China-Taiping was entitled to the proceeds of the sale of Madison.

China-Taiping had also asserted a competing security interest over the shares in Sequoia, which had already been sold by OneVue as part of the administration process.

"Whilst OneVue is confident that it held a priority security interest and is entitled to the whole of the sale proceeds, OneVue is considering the China-Taiping claim, and if necessary, failing agreement, intends to seek a court determination affirming its priority interest and entitlements," the platform provider said.

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Chinese financier stakes claim on Madison sale
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