LWP has recently finalised its Court Case with VVV Technologies over the failed Graphenera Joint Venture.
Previously, ex-LWP Technologies director Siegfried Konig had dismissed the company lawyer and self represented – failing to address the serious issues with the case raised at the previous hearing and as a result, full costs were awarded to VVV Technologies. According to court documentation sighted, the full cost submission by VVV Technologies came to an amount $134,678 however an objection was lodged by LWP Technologies and a settlement amount of $95,000 was agreed to by both parties as per the ASX announcement released on 1 December. The reasons for the objections are unknown.
Court documentation also suggest that Konig has continued treating shareholders, and the new management team, with contempt by failing to notify the new management team of the costs submission and witholding information from the new management team.
From the Affidavit of David Clarke, LWP Company Secretary:
Konig had the Order of Costs statement sent to his personal address on 13 October 2017 yet only made LWP management aware of this document nearly 3 weeks later on 2 November – which is the same day his employment was terminated. Was this the straw that finally broke the camels back and led to Konig being shown the door by the new team?