Kresta settles Zorbas legal action

Malaga-based window coverings firm Kresta Holdings has announced the settlement of litigation with its former boss, Tass Zorbas.

Kresta did not disclose terms of the settlement, but said it was within the provision it previously announced in its half-year report.

The half-year profit report included a write-down of $874,000 relating to the estimated termination costs of Mr Zorbas and the previous company secretary.

Mr Zorbas resigned from the company in September last year.

The settlement follows on from former chairman Ian Trahar's failed takeover bid for Kresta, which was scuttled at a meeting of shareholders last month.

At close of trade today Kresta shares were steady at 23 cents.