28/06/2021 - 13:30

Caruso claims $809k 'payment'

28/06/2021 - 13:30

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Mineral Commodities is facing a second lawsuit at the hands of its former boss Mark Caruso, just months after his 20-year reign ended in his sacking.

Caruso claims $809k 'payment'
Mr Caruso has since launched a second Supreme Court action, this time, over an $808,915 incentive payment he claims he is owed. Photo: Gabriel Oliveira

Mineral Commodities is facing a second lawsuit at the hands of its former boss Mark Caruso, just months after his 20-year reign ended in his sacking.

Earlier this month, Mr Caruso launched legal action against the mineral sands project developer for allegedly downloading and refusing to surrender confidential information from his hard drive without permission.

According to a writ lodged in the Supreme Court on June 2, Mr Caruso and his Zurich Bay Holdings alleged Mineral Commodities had used and disseminated the information without his permission and had refused to comply with demands to surrender the information.

But the nature of the information allegedly obtained remains unclear, as is how it had allegedly been used by the company.

Mr Caruso sought a permanent injunction from the court that would prevent MRC from using the confidential information and would force it to surrender all hard and electronic copies, as well as pay damages and compensation.

But it is understood Mr Caruso has since launched a second Supreme Court action, this time, over an $808,915 incentive payment he claims he is owed.

In a statement released by the company this morning, Mineral Commodities confirmed the second action and insisted it would defend the proceedings, which relate to a payment for the year ending December 2020.

The company pointed to the financial statements it lodged with the Australian Securities Exchange in April, which outlined a slightly lower long-term incentive payment of $803,000 accrued by Mr Caruso, but remained subject to a formal review by the company.

The developments come three months after the company announced it had sacked its chief executive and major shareholder of 20 years, just five months after he stepped down as executive chairman after being charged with aggravated burglary, common assault and unlawful trespass.

The board initially vowed to stand by Mr Caruso, but later indicated that the relationship between the two parties had broken down after the board began investigating what it described as a “potential related party matter”.

The two parties are expected to appear in court this Wednesday afternoon, June 30.

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