Big Technologies Accuses ExFounder Sara Murray of Forgery in Buddi Acquisition Row

Big Technologies, the Londonlisted provider of electronic tagging services for police and social care, is embroiled in an escalating legal storm after publicly accusing founder and former chief executive Sara Murray of forging documents to facilitate its 2018 acquisition of Buddi. The company asserts in freshly amended High Court filings that Murray fabricated board minutes and emails to give the false impression that the Buddi transaction was conducted appropriately, a crucial step ahead of Big Technologies muchvaunted £577 million stock exchange flotation in 2021.

Allegations from Big Technologies suggest the forged documentation was produced in the wake of former Buddi shareholders informing the company of their intention to contest the legitimacy of the acquisition. It is claimed these materials were used to support the view that the deal had received proper approval and to obfuscate Murray’s involvement with undisclosed offshore companies. These offshore entities, held within a family trust, allegedly delivered over £100 million in financial benefit to Murray and her daughter during the flotation process.

The company’s legal submission accuses Murray of orchestrating “fraudulent schemes” to divert more than £19 million from Big Technologies by transferring revenues, profits, intellectual property and corporate opportunities to her personal benefit. Authorities including the Serious Fraud Office and the Financial Conduct Authority are reportedly examining the matter, with the Takeover Panel also involved due to the implications for shareholder protection and market integrity.

Murray, responding to the new allegations, has categorically denied any wrongdoing, describing the claims as “false” and accusing the Big Technologies board of incompetence and displaying personal animosity. She maintains that she neither owns nor controls the disputed offshore companies and has pledged to defend herself robustly as litigation proceeds.

The uproar follows a protracted dispute, dating back to Big Technologies decision earlier in the year to suspend and subsequently dismiss Murray following revelations about “untrue statements” regarding her alleged interests in offshore vehicles tied to the Buddi transaction. The row has prompted significant market reaction, wiping over ten per cent from Big Technologies share price and denting a valuation that recently stood at almost £1 billion but has since plunged to £235 million.

At the heart of the claim, former Buddi shareholders argue they were unlawfully excluded from reinvestment during the buyout, costing them participation in the lucrative company float. Big Technologies now indicates it may not be able to defend material elements of these shareholder claims, highlighting the potential severity of the ongoing litigation for corporate governance standards and the company’s financial standing. The company, however, remains open to an out of court settlement and continues its commitment to recouping losses through civil action.