Exclusive: Ecctis alleges Cloud Bai-Yun used profits from government contract to buy out her shares in breach of fiduciary duty
The company that runs visa services for the UK government is suing its former chief executive for £6m over her alleged improper use of profits earned during a period of record immigration.
Cloud Bai-Yun, who once represented the UK on an international ethics and fraud advisory body, is accused by Ecctis of a breach of fiduciary duty, according to court filings.
The company claims that she oversaw profit making on a not-for-profit government contract and this money was ultimately used in 2021 to pay her £17.587m for her shares in Ecctis’s holding company.
Ecctis’s claim against Bai-Yun is for £4.63m, plus more than £2m in interest.
