Chereads / MEMOIR OF A CHAIRMAN (LIVE STORY) / Chapter 9 - 9. PENDING COURT CASES

Chapter 9 - 9. PENDING COURT CASES

Two glaring court cases came to my knowledge related to Libya when the company had to abandon the project due to political upheavals and people uprising against the dictator. No documents were gathered and all equipment were left behind which were supplied by contractors causing heavy losses and later claimed through court cases. In one of the cases the company could not defend and the company passed a liquidation order. I called the party and explained to them that through liquidation they could hardly get any money as the company attached all properties from time to time for raising money mainly for paying employee dues. I offered the party a joint venture working arrangement which could pay their dues through earning in the project, where the company only asked them to pay supervision costs for engaged persons of the company. We could overcome this bottleneck. In the second case the party got a verdict in which all earnings were paid to the contractor and company got only taxes to be paid to the government and some money to pay employees. Financial difficulties for the company increased and I pressed for higher numbers of project contracts from non-government sector and infrastructure projects.