Sydney Hobart yacht builder infighting ends in court

Sydney Morning Herald. By Angus Thompson.

The boat builder behind some of the Sydney to Hobart's most memorable finishes has been rocked by accusations of sabotaged relationships and shoddy craftsmanship in a director feud that spilled into the Federal Court.

Acrimonious infighting erupted at McConaghy Boats – whose website describes it as the iconic race's “most successful builder” behind yachts such as Wild Oats XI, Alfa Romeo and Loki – after it was sold to a Cayman Islands-based company, MC².

Emails revealed in court proceedings that have since been dismissed by consent show one of the directors of MC², Graham Porter, describing another, Jonathan Morris, as a “poison … that must be removed”.

Mr Morris originally ran McConaghy with co-owner Mark Evans before it was bought by MC² in an investment deal with foreign company Tiger Yacht Management, chaired by Mr Porter, in 2014.

In July 2017 Mr Morris sued his former business partner; the newly formed MC² subsidiary McConaghy Australia; as well as MC² and Tiger, claiming the directors had sought to exclude him and calling, among other things, for MC² to be wound up because of irresolvable internal disputes.

Read the full story at the SMH.


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