Two prominent Scottish businessmen are being taken to court by the north-east company they used to own, it has emerged.
Cosalt Offshore yesterday started civil proceedings against former directors Calum and Stuart Melville, with a London-based company, Meapac Ltd.
Court of Session papers confirm the two brothers and Meapac are being pursued by GTC Group, which has traded under the Cosalt name since the brothers sold the firm in 2007.
They made an estimated £30million from the deal but kept key posts at the Bridge of Don-based operation.
Neither court officials nor the lawyers representing the various parties would disclose any details of the case yesterday.
However, the action follows a major investigation into millions of pounds worth of assets which Cosalt claims is missing.
An interim interdict has been granted by Lord Glennie preventing Stuart Melville from taking up a job with any Aberdeen, Aberdeenshire or Moray firm in competition with Cosalt until September 2011.
It is understood that an interdict has also been granted against Calum Melville.
Cosalt Offshore announced to the stock market in October that it was bringing in forensic accountants to probe a series of “doubtful transactions involving a supply company”.
An investigation into operating practices launched by bosses of Cosalt Group – which began with the suspension of both Melville brothers in September – found that assets worth up to £4million were missing from the Aberdeen division.
Both men, of Rubislaw Den South, have since resigned.
Calum Melville – Grampian’s reigning Industrialist of the Year – also resigned from the board of Dundee Football Club last month following the club’s slide into administration.
Cosalt has previously said that it does not believe any crime has been committed, but that it would try to recover the losses.
A statement to investors said: “While customer services have been maintained at the highest standard, an inventory check has revealed evidence of a company-owned stock and work-in-progress shortfall of up to £4million.
“The further detailed investigation required to establish the extent of the shortfall with accuracy is already under way.
“The company has identified a series of doubtful transactions involving a supply company.
“The transactions could give rise to claims against those involved with the supplies in question and the company has instructed KPMG as forensic accountants to complete the compilation of this evidence and Dundas and Wilson, Scottish solicitors, to advise upon recovery of any losses arising.”
Neither of the Melville brothers, Stuart, 45, nor Calum, 42, was answering calls at their homes last night.
There was no response at the Newmachar address listed for Meapac’s sole director, Mark Ward.
Cosalt also remained silent last night, saying it could not comment on legal proceedings.
The case will call at the Court of Session in Edinburgh on December 6.