British film finance firm demands the return of its investment

A FILM financier is reportedly demanding the Weinstein Company repays a £34million investment as the toxic fallout from the scandal threatens the fortunes of the business the film producer co-founded.

At least one major project has already been cancelled and the company has begun removing Weinstein’s name from a number of productions.

It shows the damage done to a brand that competed with the main studios over the awards season, taking Oscars for best picture five times in 16 years.

In addition to the reputational cost, the celebrity news site TMZ reported that AI Industries, owned by Sir Leonard Blavatnik, Britain’s richest man, wants its cash back.

The dismissal of Weinstein from his position as co-chairman constitutes a “material adverse change”, according to a demand understood to have been sent to the Weinstein Company, allowing AI Industries to demand immediate repayment.

Weinstein had long been seen as the visionary behind the company, attracting the best talent and pursuing vigorous campaigns to ensure a good showing at the Academy Awards for films such as Shakespeare in Love.

Details emerged on a day after Apple TV reportedly killed off plans for a biopic series on Elvis Presley that was to be produced by the Weinstein Company.

Executives at the New York headquarters are also believed to be considering changing the company’s name and have begun removing Weinstein’s credit from forthcoming television productions as they embark on a damage-limitation exercise.

His name has already been removed from a forthcoming film starring Benedict Cumberbatch.

Weinstein was originally listed as an executive producer, alongside his brother Bob, on The Current War, which tells the story of the battle for the commercial provision of electricity at the end of the 19th century.

His credit was removed after the film opened to a lukewarm reception at the Toronto Film Festival in September.

The decision was explained in part as a way to soften the harsh reaction of some critics, but it has also raised questions about whether the company knew that the New York Times and The New Yorker were preparing to publish their exposés concerning Weinstein’s behaviour.

Weinstein was fired by the company on Sunday for breaching its code of ethics but has since retained the services of a heavyweight corporate litigator to fight the decision.