Swiss businessman accused of defrauding Guernsey investment partnership

Thursday 09 November 2023

A Guernsey investment partnership is at the centre of a High Court claim in the UK, based on allegations of fraud more than twenty years ago.

The Financial Times has this week reported on the case surrounding Thomas Flohr, the owner of VistaJet.

Described by Wikipedia as "a Swiss businessman, founder and chairman of VistaJet, a private jet charter company, amateur racing driver and former billionaire", Mr Flohr denies all of the allegations against him.

He has been accused of defrauding the Guernsey investment partnership Frontiers Capital – which he has always said he didn't do. 

Mr Flohr has previously tried to have the case dismissed but the UK High Court refused to do so.

Pictured: Francesco Castellacci pointing something out to team mates Thomas Flohr and Giancarlo Fisichella, at the FIA WEC in 2018.

The Financial Times reported that Frontiers Capital had initially sued for breach of contract in 2021 but it then filed an amended claim in December last year, alleging deceit.

That claim included allegations that Mr Flohr's fortune had been built using fraudulent behaviour, which he denies. 

A man called Timothy Horlick who had been in charge of the Guernsey investment partnership, is leading the civil suit against Mr Flohr.

In papers published this week, Frontiers Capital has alleged that Mr Flohr acted fraudulently by moving his assets between companies in different jurisdictions to make tens of millions of euros in profits. 

The case will return to court in March next year.

Pictured top: Thomas Flohr. (Dave Hamster/Wikipedia and Flickr)