Former CEO Dany Bahar Files $10.6 Million Lawsuit Against Lotus
Dany Bahar is the former CEO of Lotus, the British sports car company. Bahar has sued Lotus and its parent company DRB-Hicom, which is based in Malaysia over “wrongful dismissal.” Bahar is seeking 6.7 million pounds ($10.6 million U.S.) from Lotus for alleged unlawful early termination from the company.
According to a stock exchange filing, DRB-Hicom said that “Dany Bahar was dismissed after an investigation into his stewardship of Lotus” and the specifics have not been given.
Bahar was fired on June 7th and his customized Lotus Esprit car was put up for sale too. DRB is controlled by billionaire Syed Mokhtar Al-Bukhary. The company inherited Lotus after they acquired Malaysian car company Proton.
Bahar was hired from Ferrari three years ago and he was brought in to turn the company around. Instead he ended up burning a lot of the company’s cash. DRB and Lotus will be filing counter-claims.
[TTAC]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry