Founders’ dispute: Court finds Incomlend co-founder breached shareholders’ deed

A FOUNDER of fintech startup Incomlend has been found by the High Court to have breached a shareholders’ deed, after his two co-founders brought a case against him for failing to leave his full-time job at HSBC to focus on the company.

The court, however, did not find that a forced sale of the founder’s shares was justified, owing to the mechanism under which the sale occurred.

In fact, in a twist of events, the court found that the two co-founders could have lawfully gotten the shares for free under a different mechanism.