Frozen yogurt firm settles shareholder dispute

A dispute between shareholders in a frozen yogurt business has been settled, the High Court has heard.

Yelena Aust obtained temporary freezing orders last October over the assets of My Frozen Yogurt Ltd, Yogen Fruz Ireland Ltd, Thriving Brands Ltd, My Culture Sands Ltd and of her co-director and shareholder Michael English.

Ms Aust, from Oxford, England, who said her family put Stg£3.3m (€4.4m) into the business, alleged some of the money had been misappropriated by Mr English, Twomile Bridge, Clonmel, Co Tipperary.

She claimed Mr English allegedly used company money to buy assets in his own name and in the name of other firms he controls. This included the purchase of a villa in Portugal, it was claimed.

Her lawyers obtained the temporary orders after making an ex-parte application (one side only represented) to the court in early October.

The order froze the assets of several Irish registered companies and of Mr English preventing them reducing, moving or dissipating their assets below a value of Stg£2.4m.

When the matter returned before the court, Mr Justice Paul Gilligan was told the case had been settled and could be struck out.