Sir Owen Glenn (left) and Eric Watson have begun a major High Court trial in London, the latest chapter in a bitter feud between the former business partners. Photo / file
Sir Owen Glenn (left) and Eric Watson have begun a major High Court trial in London, the latest chapter in a bitter feud between the former business partners. Photo / file
Two of New Zealand's richest men are going head-to-head in a major High Court trial in London.
The Weekend Herald can reveal Sir Owen Glenn and Eric Watson are facing off in what's set to be lengthy court battle in what appears to be the latest chapter in a war over assets worth more than $200 million.
The hearing between the Kiwi business heavyweights - whose combined wealth has been estimated at $820m - began last week in the Chancery Division of the High Court in London and is scheduled to last up to 12 weeks.
It is not known if the richlisters will be appearing to give evidence during the trial.
Toby Graham, a partner in top London law firm Farrer & Co and part of Sir Owen's legal team, declined comment when contacted in London yesterday.
Watson's Auckland-based public relations representative, Niki Schuck, forwarded enquiries to Watson and his legal representation in London yesterday.
But no response was received at press time.
Rich lister and New Zealand Warriors owner Eric Watson. Photo / file
The court case is the latest chapter in a long-running wrangle, which has seen the former business partners and sports club owners battle over how to split their assets.
It has previously been reported how the heavyweight entrepreneurs fell out over a joint venture called Spartan Capital.
Court documents showed Sir Owen and Watson had gone into business together in mid-2012, joining forces to invest in European property through Spartan.
Spartan Capital was named in a 2014 court ruling out of the British Virgin Islands, revealing the company's assets included a Jersey bank account holding more than $200m and significant property ownership in England.
The court documents stated Sir Owen had poured £133m ($211m) into Spartan and was unhappy over what he saw as an unfair deal, with Watson claiming a shareholding on the capital.
New Zealand businessman and philanthropist Sir Owen Glenn. Photo / file
Sir Owen, Watson and Spartan have also been named in a number of UK court documents released over the last six months.
A December 2016 High Court document on the ongoing saga included a judge stating "there are three sets of proceedings before the Court which are due to be heard together at a trial in May 2017."
The same document also reveals how Watson has successfully applied to call David Miller as a prospective witness "who had been an employee and close friend and adviser of Sir Owen for about 30 years."
In 2014 the Herald reported Sir Owen was suing business associates Miller and Peter Dickson in California, alleging he had been duped into ceding control of family trusts containing his personal fortune.
Another UK court document, from February this year, also names Spartan, Sir Owen and Watson. That ruling, from the same judge who is presiding over the current trial, details how Watson has successfully applied to have expert evidence permitted.
Representatives from neither camp could confirm the London trial is specifically over assets held by Spartan, including the Jersey bank account holding over $200m named in 2014.
