A supplier to HRT has accused them of presenting "misleading information"

Spanish team went into liquidation last month

By Mike Wise.   Last Updated: 11/12/12 1:34pm

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A supplier owed money by HRT has accused them of giving "misleading information" and also confirmed that the Spanish team went into liquidation last month.

Formtech Composites, which supplies carbon fibre components to a number of teams on the F1 grid, says it agreed a payment plan with the backmarker outfit without the knowledge that HRT had started to liquidate their assets in November.

Furthermore, Formtech claims it was misled about the ownership of the team after being told that investment group Thesan Capital, which took control of HRT in 2011, was controlled by what it calls a "Luxembourgian Fund".

According to a statement released by the company, HRT entered liquidation on November 12 - the same day Thesan Capital announced the team was up for sale. At the time, the Spanish company said it was "in talks with a number of groups interested in buying" them.

There was no sign of HRT on the FIA's 2013 entry list when it was published last week, though, and news the team's assets are being liquidated offers further confirmation that 11 teams will contest next season's Championship.

Speaking at the United States Grand Prix the week it was announced that HRT was up for sale, Pedro de la Rosa was forced to deny the suggestion that, with the team unable to pay suppliers, worn components on their cars had compromised safety.

HRT suffered a number of mechanical failures late last season, including the hydraulics failure in Abu Dhabi that left Narain Karthikeyan lucky to walk away from a spectacular collision with the Mercedes of Nico Rosberg.

Formtech said HRT agreed the payment plan on November 15 - three days after they entered liquidation - with 25 per cent of the debt paid. Now, however, they are only willing to pay suppliers 30p for every Euro owed.

Expressing their intention to "investigate further into the true shareholder ship of HRT and Thesan Capital SL", Formtech added: "It has come to our knowledge that [HRT] owe a substantial amount of money to other suppliers in the motorsports industry."

When contacted by Sky Sports on Monday, a spokesperson for Thesan Capital could only confirm that the company is currently holding meetings with various suppliers.

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