A venture capital fund launched in 2021 was a “smash and grab” by former Web Summit director David Kelly that co-opted the company’s business opportunity and caused it estimated losses of $12.31 million (€11.24 million), it has been claimed in the High Court. Bernard Dunleavy, senior counsel for the tech event company and its CEO Paddy Cosgrave, has been laying out their case against Kelly, a 12 per cent minority stakeholder in Web Summit, accused of breaching his fiduciary duties while a director with the firm. In a day-long opening, counsel explained the background to the allegations which are denied…

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