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Court Orders Forfeiture of Cash Seized in Drug Operation to State
Dews Pro Builders Limited has been ordered by the High Court to pay its former CEO, Christopher Martin, approximately $89,855 in a dispute regarding share redemption and salary payments.
Justice Rene Williams determined that the company improperly deducted salary payments made to Martin between February and June 2021 from his final share redemption amount.
The origins of the case trace back to an agreement made on February 19, 2021, in which Martin consented to redeem his 2,500 shares in the company for over EC$4 million and step down from his role.
Despite needing time to secure bank financing, the company continued Martin’s monthly salary of $22,500 while he fulfilled his transitional responsibilities.
When the final payment was processed in June 2021, the company deducted these salary amounts, arguing that they were paid in error.
However, the judge found that the company had failed to inform Martin that the salary payments he received between February 19 and June 21, 2021, would be seen as part of the share purchase price rather than his salary.
The court also noted that Martin was actively engaged in his duties during this time, which included approving payments and maintaining customer relationships, even while he was overseas caring for his ailing father.
Christopher Williams, the current CEO of the company, contended that the payments were erroneous because Martin had resigned, but the court ruled that the company could not retroactively reclassify authorized salary payments in this manner.
The ruling includes an interest provision of 3% from June 21, 2021, until the judgment is enacted and 5% thereafter until full payment is made.
Very interesting story. Imagine people working for that kind of money while some take home less than 1000 a month