Business
Commencement of legal proceedings
Commencement of legal proceedings.
About this update from Aston Martin Lagonda Global Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6185C\n Aston Martin Lagonda Global Hld PLC\n 22 June 2021\n \n \n \n \n 22 June 2021\n \n \n Aston Martin Lagonda Global Holdings plc\n \n \n \n Commencement of legal proceedings against Nebula Project AG and its board members, a \n \n \n Swiss dealer network member \n \n \n \n Aston Martin Lagonda Global Holdings plc (\"Aston Martin\" or \"the Company\") \n announces that it is filing for civil legal proceedings against Nebula Project AG and, with the support of a group of its customers, criminal proceedings against its board members in order for the prosecutor to investigate any potential criminal behaviour following the failure to pay some customer deposits for Aston Martin Valkyrie programme orders received by Nebula Project AG to the Company. The Company has also terminated the underlying commercial agreement with Nebula Project AG.\n \n \n Both Aston Martin and its customers have been impacted by Nebula Project AG's and its board members' behaviour. Aston Martin is fully committed to supporting and working with those customers affected to ensure that they will still receive delivery of their Valkyrie programme vehicles as scheduled, prioritising customer relationships, despite the Company not having received all the deposited funds. There are no other agreements like this in place and going forward the Company will ensure that all deposits for special vehicles are received directly by Aston Martin, not through a third party. \n \n \n In 2016, the prior management team of Aston Martin entered into an arrangement with Nebula Project AG to underpin the development of the Aston Martin Valkyrie and certain other mid-engine programmes. Under the terms of this agreement Nebula Project AG was to receive royalty payments, which could have been significant over time, linked to production volumes of these programmes and Nebula Project AG meeting its funding commitments. As a result of the termination of this commercial agreement with Nebula Project AG, Aston Martin is no longer liable for any of these potential royalty payments.\n \n \n The Company is today also terminating the dealership arrangements it had with AF Cars AG, a company operating Aston Martin St.Gallen in Switzerland and managed by the same board members as Nebula Project AG, after learning that vehicles have been sold in breach of ...