Controversy Around Ariadne Capital Surfaces Again

Tom Burroughes

27 November 2017

A high-profile entrepreneur with business operations in countries including the UK and Malta faces further controversy, this time in the Mediterranean island and European Union member state, after two directors of a Malta-regulated firm within the Ariadne Capital group reportedly resigned.

Julie Meyer’s organisation, which holds a business called Ariadne Capital Malta Ltd, an entity regulated by the Malta Financial Services Authority, has seen two directors, JR Aquilina and David Barry, both directors, resign in recent months, local media reports said late last week.

The crux of the issue is that under MFSA investment services rules, the board of an investment company requires at least three members, one of whom must reside in Malta. MFSA documents reportedly show that Meyer, who has enjoyed a high media profile, has become the company’s sole director.

"I confirm that I resigned my position as director of Ariadne Capital Malta Ltd, at the beginning of this month. I have no knowledge of what is going on within the company, and so I do not know what is being done to appoint a replacement director," The Times of Malta reported on 23 November. The news service said Barry, who was COO at the same firm, left at the start of September, claiming unpaid payments. The report went on to say that one of Meyer’s former employees has also filed a court application seeking more than €22,000 in unpaid salaries.

WealthBriefing has contacted Ariadne, which has offices in London and Malta, for comment, and may update in due course. It has also contacted the MFSA. The regulator has not yet issued a public comment on its website into the matter.

Ariadne Capital Malta Ltd had previously been called Portcullis, an asset management company, which was licensed by the MFSA and had only just started operating. The Times of Malta said Meyer bought the company for about €30,000.

Another report by the same newspaper said a Malta court has issued a garnishee order against Meyer following a claim for over €59,600 by Naxxar firm that does website design and development.

Separately, the Malta Independent, another news organisation on the island, has stated that the regulator is monitoring the matter. That news organisation said an event company was said to have served Meyer with a legal letter seeking €7,500 due for an activity held in July.

Meyer, an American, has been touched by controversy before. Last year, Meyer sued UK-based public relations firm Lansons for £100,000 for an allegedly “botched” mishandling of a Wikipedia page . Lansons had originally sued Meyer’s firm for unpaid bills. At the time of the case, Lansons described Meyer’s lawsuit as a “joke”. Ariadne later paid an undisclosed sum to the PR firm

Ariadne Capital was founded in 2000 and says it has pioneered the “Entrepreneurs Backing Entrepreneurs” model for the financing of entrepreneurship. Meyer has spoken at a number of conferences at venues including in Malta, and has appeared on the UK television show Dragons’ Den.