British financier Guy Hands has been forced to grant a lease to Mike Cannon-Brookes’ Sun Cable after legal proceedings which revealed his Terra Firma vehicle was the third bidder in an auction that ultimately handed control of the collapsed project to the Atlassian billionaire’s Grok Ventures.
The court documents show Terra Firma was not only the “unsuccessful” bidder for Sun Cable earlier this year, but that it was also “considering investing in the project”. Mr Kwong-Law said the delay was putting the entire venture at risk, according to the court documents, as the Singaporean authorities needed the application by September this year. “If Sun Cable is not able to submit its application and hence obtain a conditional licence, it would be a hugely value destructive event,” he said in an email filed with the Supreme Court.