Fladgates Orb adviser quits to take Prestige directorship

Fladgate Fielder corporate partner Nicolas Greenstone has left the West End firm. Greenstone is the long-term adviser to Orb, which is currently under investigation by the Serious Fraud Office (SFO).

Greenstone has taken on a number of other roles, including a directorship at Prestige Publishing – a position that was previously held by former Orb director Peter Catto.

The SFO investigation into Orb, which was launched last December, centres around £33m of missing funds that belong to Izodia, a cash shell in which Orb held a 30 per cent stake. The missing cash was allegedly transferred to a subsidiary of Orb, and now cannot be found.

Catto was the former Orb director and also held a position on the board of Izodia. Prestige was also a client of Greenstone and has Fladgates’ 25 North Row office as its listed address. Catto was the non-executive director of the company when Fladgates advised on its AIM listing in 2001.

Fladgates, as Orb’s former adviser, has handed over documents to the SFO in relation to its investigation. It no longer acts for the company, which sold its UK subsidiary Orb Estates to Andy Ruhan in May. Orb Estates has since gone into administration.

Greenstone told The Lawyer that his appointment to the board following Catto’s resignation was purely coincidental. “I don’t think [the fact he was a former Orb director] is relevant to anything,” he said.

Greenstone will pursue other ventures, including the expansion of his portfolio of directorships and part-time in-house counsel roles in a couple of businesses.

“I’m working with several shell companies that are looking for reverse takeovers because I’ve a lot of legal experience in that field,” said Greenstone.