High Court Rules Against Aerospace CEO in Chinese Investment Deal

Antony Upton, former interim CEO of Gardner Aerospace, was found by London's High Court to have breached his duties by lobbying against a Chinese investment deal. Upton allegedly pushed for government intervention to inhibit the deal, citing national security concerns. A further trial will assess any impact on Gardner's business.

Antony Upton, the former interim CEO of Gardner Aerospace, has been ruled against by London's High Court. The court found Upton breached his fiduciary duties by actively working to disrupt a deal that would have seen increased Chinese investment in Gardner through its parent company, Ligeance Aerospace Technology.

The court highlighted that the proposed debt-for-equity swap would raise the Chinese state-owned investment fund's stake from 14% to 32%, surpassing the 25% threshold requiring notification to Britain's business ministry. Gardner alleged Upton sought to undermine this transaction to protect his job prospects with potential new owners.

Despite Upton's claims of acting on national security concerns, Judge Richard Smith ruled that Upton's actions were primarily self-serving. A further trial will assess the consequences of Upton's breach on Gardner's operations. Neither Gardner Aerospace nor Upton's legal representatives have commented on the ruling.

(With inputs from agencies.)