Aussie Promoter Jacobsen Sued

The grocery empire David Family has launched Supreme Court action against Australian entrepreneur Jacobsen Holdings Pty Ltd. and Kevin Jacobsen to recover $4 million in unpaid loans.

CEO John David said the money was lent in 2003, to be repaid in two years.

Jacobsen said Jacobsen Holdings could repay the debt immediately but funds could not be released as his estranged brother Col Joye and niece Amber Jacobsen have to co-sign.

“John and I had an private oral agreement in the presence of witnesses that this debt would be written off,” Jacobsen claimed in a statement.

The court action does not involve Michael Jacobsen, CEO of some Jacobsen companies.