George Osborne has been told he’ll have to pay damages to a Manx-based company that owns gold mines in the Philippines.

However, it’s not the UK chancellor George Osborne, but the former director and chief financial officer of two subsidiary companies owned by Manx-registered Paracale Gold Limited.

PGL sued Mr Osborne over a breach of contract when he sued the two Filipino companies despite an agreement he had no claims against them or the PGL Group.

After a two day hearing at Douglas courthouse, Deemster Corlett found in favour of PGL and made an order for damages against Mr Osborne.