British millionaire sues son for failing to repay loan
A British millionaire is suing his son to recover 300,000 pounds with interest after he failed to repay loan borrowed to renovate a house.world Updated: Jun 19, 2015 18:38 IST
A British millionaire is suing his son to recover 300,000 pounds with interest after he failed to repay loan borrowed to renovate a house.
George Staussi said his son Arthur has failed to repay a penny and now he is suing him in the High Court.
Staussi had lent Arthur 272,000 pounds in 2013 to improve and extend his 600,000 pound Surrey home, The Telegraph reported on Friday.
He alleged that his son, an IT consultant, had "orally agreed" that he would later be repaid the cash. The repayment was never forthcoming and Staussi is suing his son for 300,000 pound including the interest he believes he is owed, according to the writ.
Staussi said he had "requested repayment" in January last year, but that "to date no sum has been repaid".
The father is claiming 23,426.53 pounds in interest on top of the alleged loan, bringing his total claim against his son to 299,808,99 pound as at the date when the claim was issued.
His son's defence to the action was not available from the court, the report said.