This is disgusting. Directors of OEM (OEM) stole £6 million from the company before it went bust - see HERE. Accountant’s Baker Tilly sued them and the case was set to come to court next month. But do the City fat cats give a FF about creditors or shareholders? Of course not. A shoddy deal and a gagging order to protect fat cats and thieving director alike has just been agreed.
At the outset Baker Tilly and City fat cat lawyers Lesters Aldridge took Counsels opinion on the likelihood of recovery. This was sufficiently robust to obtain insurance cover on fees as they set about recovering £6 million of stolen funds from the directors.
Shareholders were assured that ex director Robin Turner alone had £10 million of free and clear assets. Meanwhile former CEO Robert Noonan had transferred his prime assets into the ER Trust (controlled by his wife) But shareholders were assured that Baker Tilly would ' break the Trust ' and pursue Noonan to bankruptcy.
But scumbag lawyers