Back in August, Dany Bahar, sacked Lotus CEO, sued the sportscar maker for wrongful dismissal. A proven dreamer, he was seeking £6.7 million in compensation. Like you and I probably just did, Lotus laughed at Bahar’s claims and have counter-sued, suggesting Bahar might like to repay them £2.5 million.
Reports suggest the board of Lotus parent company, Proton, is ready for a fight, saying Bahar had “done an ‘abysmal’ job as CEO, was excessively extravagant and mercenary and was preoccupied with his own interests.”
Moreover, Bahar’s extravagance with the expense account was “all the more unacceptable given that his brief was to turn the business around, which he singularly failed to do.”
It’s claimed Bahar racked up a rental tab, at Lotus’ expense, of around £1 million for a pair of UK properties. That’s in addition to the celebrity CEO seeking repayment for £1.2 million in other expenses, including travel, private helicopter hire and expensive watches used as gifts.
The counterclaim from Lotus seems to summarise things quite nicely, “The spending pattern of the group was not justifiable or sustainable, including the lavish lifestyle of the claimant who appeared to have ignored internal controls.”
Clearly, we haven’t heard the end of this.
[Source: Automotive News]
2 replies on “Lotus returns serve to banished Bahar”
Who here hasn’t seen a senior member of an organisation misuse funds for their own personal gain? I say make an example out of these self-obsessed business people who lose sight of corporate objectives, and let down their boards, share holders and staff.
Interesting comment from Evo’s Harry Metcalfe via twitter:
“I’d seen the product, it was very, very good. Bahar was delivering, Proton wasn’t.”
https://twitter.com/harrym_evo/status/275321389400084481