The Plumber set for new court fight

PAUL 'The Plumber' Davidson is facing a new battle in the High Court, with lawyers claiming the flotation of his Oystertec plumbing group was a 'fraud on investors' because patent rights had not been acquired for its innovative technology.

Andrew Sutcliffe QC claimed that Davidson and Oystertec finance director Adrian Binney had no patent rights to a series of radiator valves, originally invented by Davison, as these had been sold to other companies.

In the hearing Sutcliffe is arguing that there are grounds for a fraud trial to be opened against Davidson, Binney and Oystertec.

Sutcliffe said they conspired to ensure the flotation took place, making it difficult for claimants to recover the rights to the radiator valves.

Had investors been aware that Oystertec did not have sole rights to the technology, the £30m Alternative Investment Market listing that took place in 2001 would 'not have happened as Oystertec was little more than a shell company'.

Davidson is appealing against a £750,000 fine imposed by the Financial Services Authority for alleged betting on the flotation.

The case continues.