'Plumber' surrenders for court hearing

PAUL 'The Plumber' Davidson handed himself in to City of London police on Friday and a brief contempt case was heard against him at the High Court which will resume on Thursday.

A bench warrant had been issued against the colourful entrepreneur as a result of his failure to comply with a timetable to disclose assets under a freezing order obtained by Oystertec, the radiator valve company which he founded and in which he is still a major shareholder.

Oystertec said today it believes the long-running litigation is nearing a conclusion and that this means the costs of legal advice and any settlement with Davidson will be well below the £3m it has already set aside in its accounts.

Last month, a judge heavily criticised Davidson's former business associates Michael Fraser, and his wife Agatha Wong-Fraser, when they claimed conspiracy and fraud against Oystertec. They withdrew their allegations and costs estimated at £200,000 were awarded against them.

Chief executive Andrew Evans said: 'Having had Mr and Mrs Fraser's claim that there was a conspiracy dismissed as outrageous by the judge, and with the position of Mr Davidson being resolved, the board of Oystertec is relieved to see the outstanding litigation and litany of the distant past is now close to being concluded.'

Davidson is appealing against a £ 750,000 fine imposed by the Financial Services Authority for his £6 million spread-bet when biotech Cyprotex floated three years ago.