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LifeBrandz settles with former executive director over unpaid salary

LIFESTYLE group LifeBrandz has settled the claims of former executive director Kayoko Francis over unpaid salary for January and February 2019 and annual wage supplement.

While the terms of the settlement are confidential, the company said it made no admission of liability regarding the settlement. It added it would not have further liabilities to Ms Kayoko on her claim after the settlement.

"The settlement is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of the Group for the financial year ending July 31, 2019," it added.

Ms Kayoko resigned on Feb 28, 2019, due to managerial differences with the company’s CEO, in relation to the operation of the company and its strategic direction going forward, LifeBrandz disclosed in an earlier announcement.

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Aside from the disclosed unpaid settlements, company sponsor SAC Capital had also interviewed Ms Kayako to confirm there were no material reasons for her exit. Ms Kayako had been LifeBrandz's executive director since July 18, 2018.