You are here
Magnus Energy and former MD settle alleged wrongful termination lawsuit after mediation
CATALIST-LISTED Magnus Energy Group has settled a lawsuit brought against it for alleged wrongful termination by its former managing director Charles Madhavan, following mediation on Nov 8.
Magnus Energy will pay an undisclosed settlement sum to Mr Madhavan by Nov 21. He will in turn formally discontinue the legal claim filed on June 22 in the State Courts. Magnus Energy, which has a core business in oilfield equipment supplies and services, will not have any legal exposure arising from the litigation as a result of the settlement.
Magnus Energy had announced on May 28 the cessation of Mr Madhavan in his executive role, citing "differences with management and board". Mr Madhavan was then just less than two months into the job.
The counter was unchanged at 0.1 Singapore cent when Tuesday markets closed.