Commercial Court

CL-2022-000367 - [2025] EWHC 2877 (Comm)

Fecha: 05-Nov-2025

The Honest Belief in Investment Representation

The Honest Belief in Investment Representation

94.

CVS said that the Honest Belief in Investment Representation was first made to Mr Smith at the September 2020 Meeting.

95.

Mr Smith said that at the September 2020 Meeting:

“Mr Bonnier also explained to me that Apple and either LVMH or its principal, Mr Bernard Arnault were intending to invest c.US$1 billion in Aaqua. He explained that he had a personal relationship with Tim Cook who had also committed to invest significant sums.”

96.

Mr Smith also said he recalled having a number of further conversations with Mr Bonnier around this time, during which Mr Bonnier expressed his “absolute confidence that Apple and LVMH had agreed to invest.”

97.

CVS says that the Honest Belief in Investment Representation was repeated in the November 2020 Primer, which showed Apple and LVMH as “Founding” partners.

98.

Moreover, at a first meeting between Mr Candy and Mr Bonnier in early January 2021 at the Mandarin Oriental Hotel in Dubai, Mr Bonnier explained the Aaqua plan and how he had secured Apple and LVMH as investors. He said they would invest more than US $1bn and that this would be completed by the end of the first quarter of the year.

99.

The Honest Belief in Investment Representation was made again in Mr Bonnier’s 31 December 2020 Email and the January 2021 Capital Table attached:

(1)

In the 31 December 2020 Email, Mr Bonnier referred to the equity subscriptions of Aaqua’s “tactical partners” going “unconditional” and completing in, or shortly after, the second quarter of 2021, thereby raising €960 million.

(2)

The January 2021 Capital Table showed Apple and LVMH acquiring 300,000 and 100,000 shares in Aaqua for approximately €576 million and €192 million respectively.

100.

This representation was repeated in Mr Bonnier’s 2 January 2021 Email to Mr Smith, in which he referred to Apple investing more than €500 million in Aaqua and to Aaqua being “about to complete” this funding.

101.

CVS say that the Honest Belief in Investment Representation was made again in the February 2021 Capital Table, which was identical to the January 2021 Capital Table in relation to Apple/LVMH’s involvement. When Mr Smith informed Mr Bonnier, in response to his 8 February 2021 Email, that CVS wanted access to the “Apple and LVMH documentation” in Aaqua’s data room, Mr Bonnier did not explain that Aaqua had not sought investment from Apple/LVMH yet.

102.

Instead, the Honest Belief in Investment Representation was repeated by Mr Bonnier in his 9 February 2021 Email, when he offered to share the “individual draft tactical funding revenue contribution agreements”, for both Apple and LVMH, with CVS.

103.

CVS provided further witness evidence of Mr Bonnier’s tendency to make representations and the extent of his alleged deception regarding the Apple and LVMH investments:

(1)

Mr McQuade said that throughout 2020, Mr Bonnier told him that he had met with Mr Cook and Mr Maestri, and that Apple had decided to invest a “significant sum” in Aaqua; and that Mr Bonnier had held, and was holding, investment meetings with other companies, including LVMH.

(2)

Similarly, Mr Sargent – who assisted Mr Bonnier with corporate finance and structuring deals relating to AAA and Aaqua – said that, during 2020 to 2022,Mr Bonnier informed him multiple times, both verbally and in writing, that he was holding ongoing negotiations with significant investors, including Apple and LVMH, regarding material investment into Aaqua and Aaquaverse.

(3)

Mr Foy said that in a meeting in mid-October 2021, Mr Bonnier gave a presentation about Aaqua and its key investors to the executive management team and himself – who was invited as a guest – during which he said these would include Apple, LVMH, the Reuben brothers, Nick Candy and a private equity investor, Tiga Investments. He also said that during his meetings with Mr Bonnier during November and December 2021, Mr Bonnier told him that Apple had committed to the Aaqua business.