NZX pays $A35k to Ralec over employment dispute
NZX is ordered to pay $A34,800 plus interest and costs to the Ralec group of companies by the County Court of Victoria.
BUSINESSDESK: NZX was ordered to pay A$34,800 plus interest and costs to the Ralec group of companies by the County Court of Victoria.
The award related to the six months Ralec shareholder Grant Thomas spent working with the stock exchange operator when he sold NZX the Clear Grain Exchange.
This is the second loss for the stock exchange after it was ordered to pay Mr Thomas $A259,705 by a Melbourne court last year having reached a settlement with the Clear exchange founder.
"The conclusion of this matter leaves the way clear for NZX to concentrate on more substantive matters to be heard in the Wellington High Court," NZX said.
Clear’s former owners, Thomas and Dominic Pym, and their companies Ralec Commodities and Ralec Interactive fell out with NZX on the basis of what it now calls “wildly inaccurate” forecasts.
That has led to both parties filing claims in the High Court.
The grain exchange was set up to take advantage of the break-up of the Australian Wheat Board monopoly and was looking to capture a slice of the $A100 million to $A150 million growers spent annually on commissions to sell their products.
NZX shares were unchanged at $1.29 in trading today.
Paul McBeth
Fri, 22 Jun 2012
Fri, 22 Jun 2012
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NZX pays $A35k to Ralec over employment dispute
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