The battle for control of internet incubator Enterprise Asia turned nasty yesterday when the directors of the company circulated a note to shareholders which painted a damning picture of their predator's track record.

Construction entrepreneur Stephen Dean, a 21% shareholder in Enterprise through his building firm Artisan, is demanding a shake-up at the company and wants to join the board. However, he is described in the report by Enterprise as having "a history of disregard for independent shareholders' rights".

Enterprise said allegations that it had used private investigators to compile the report were "rubbish" but admitted it had hired a business analyst to trawl over Mr Dean's career.

Mr Dean was refusing to comment last night. However a spokesman said that he will be issuing a statement shortly. He believes Enterprise should use its cash pile to invest in established UK net ventures rather than firms in the Far East.

Enterprise's directors allege that Mr Dean has been a director of a company that bore his name and went into receivership, and that Mr Dean was "obliged in June 1997 to admit to a number of breaches of law" while a director of Dean Corporation. They document other instances where they allege he did not have the interest of independent shareholders at heart.

An extraordinary general meeting will be held on September 20 when shareholders will be asked to vote against Mr Dean's proposal to oust two members of the board and replace them with three representatives (including himself) from Artisan. A statement from the board yesterday said: "The effect of these resolutions would be to give control of your company to a minority shareholder, Artisan, which is not prepared to make any offer for your shares."

Earlier in the year Mr Dean had suggested to the board of Enterprise Asia that it merge with VoyagerIT.com, a company of which he is chairman and a shareholder. The board rejected the plan as unnecessary to the company's future but invited him to put "serious" business suggestions.

Phill Brown, a director of Enterprise Asia, said last night: "The only conclusion we can draw from Mr Dean's refusal to take up any of our offers to demonstrate a genuine interest in the strategic direction of the company is that he wants to grab the cash and run."