Most interesting and intriguing statement in HNG's Report today about what HNG subsidiary JSB is doing re BFD Lighting - worth a read so I will repeat it below:
"
JSB Lighting vs Carey & OthersJSB Lighting (JSB) commenced legal proceedings in June 2018 against a former senior sales representative from WA (Mathew Carey) and his associated company, BFD Lighting. The proceedings relate to the employees’ conduct in establishing a competing business in circumstances where, it is alleged, the employee acted in breach of his fiduciary duties to JSB, as well as obligations owed under both his employment agreement with JSB, and under the Corporations Act 2001.JSB subsequently uncovered evidence that the former CEO of JSB, Dudley Hewitt, and the former CFO of HGL Limited, Andrew Whittles, were actively involved in the establishment of the BFD Lighting business, including while Mr Hewitt was employed by JSB in the position of CEO. Mr Hewitt and Mr Whittles have been joined to the proceedings as respondents for their alleged knowing participation in breaches of Mr. Carey and Mr Hewitt’s fiduciary duties, tortious interference with contractual relations, and in the case of Mr Hewitt, breaches of his employment contract and his duties as an officer of JSB under the Corporations Act.JSB has obtained injunctions against the former CEO of JSB enforcing his contractual restraints and preventing him from having any direct or indirect involvement with BFD Lighting or any other business that is competitive with JSB. JSB has applied for further court orders against BFD Lighting and selected respondents, upholding their customer solicitation obligations and seeking supply and delivery restraints against BFD Lighting on several client projects originated by JSB.JSB is seeking significant relief against the respondents, including orders that BFD Lighting account to JSB for all profits it has made, as well as orders for payment of damages, compensation and costs. Court hearings are scheduled for late 2018, with a final hearing expected to be scheduled the first half of calendar 2019."
I have no knowledge of the matter, so rely entirely on what HNG has stated above.
If it is correct then some "significant relief" may flow to JSB (ie HNG) in 2019.
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