Fired CL exec wants back his job

Holder’s attorneys on Monday filed an emergency application which came up for hearing before Justice Frank Seepersad in the Port of Spain High Court yesterday.

Holder is seeking to be reinstated and have the court grant several injunctions against CLF and its government-appointed directors to ensure they do not impede his return to duty.

He said it is urgent his application be granted because of Government’s petition to wind up the company and for the appointment of provisional liquidators.

Holder said the move to have the company wound up was not being resisted by CLF’s attorneys whom, he said, were taking instructions from the government’s directors on the board, “despite a clear conflict of interest and duty.” Holder said his return to the job was also in the interest of employees whose salaries cannot be paid at the end of July without his participation.

At yesterday’s hearing, Seepersad adjourned the matter to September 18 in order to receive submissions from CLF’s attorneys “considering the complex and unorthodox relationship between CLF and the Government” borne out from bailout measures which were agreed to in 2009.

Senior Counsel Elton Prescott, who appeared for CLF, said Holder was terminated from his positions on all CLF’s subsidiary companies, except for Angostura and an undertaking was given that the former managing director will be given an Angostura ipad and access to emails.

In his application, Holder is also seeking an order that CLF and its Government-appointed directors not hold any board meetings, take any decision on the management of the company or issue instructions to attorneys in relation to the petition for the winding up of CLF until he has resumed duties.

Holder, who held the position at CLF from March 1, 2010, said his employment was terminated on June 28 by the Government-appointed directors and accused of engaging auditing firm Price Waterhouse Coopers (PwC) to produce a proposed business plan (Project Rebirth) for the exit from the shareholders’ agreement signed with the government subsequent to the 2009 bailout.

Holder has denied he engaged PwC, saying it was the chairman of the board (who is government-appointed) and one of the CLF’s shareholders.

He was also accused of facilitating the write off of inter-company debt without board approval and caused dividends from Angostura to be transferred to CLF without prior notification to the board.

According to court documents filed by his attorneys Jerome Rajcoomar and Theresa Hadad on Monday, Holder said he was accused of taking out a number of substantial unsecured loans from its Scottish Subsidiary CLWB.

He was asked to return the company’s ipad, laptop and office keys.

His CLF email account was disconnected.

Holder said his removal as managing director and group CEO was illegal and against the company’s bye laws. He also said he did not believe that the Government-appointed directors had the power to remove him.