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Plutus Powergen Considers Legal Action Against Former COO

(Alliance News) - Plutus Powergen PLC said Monday it is considering taking legal steps against ...

Alliance News 22 October, 2019 | 10:35AM
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(Alliance News) - Plutus Powergen PLC said Monday it is considering taking legal steps against its former chief operating officer, Paul Lazarevic, over a disagreement concerning the end of his tenure at the company.

This followed Lazarevic handing notice to the Plutus - which is focused on developing flexible energy generation projects in the UK - alleging that the company had breached the terms of his director service agreement with Plutus.

On Friday last week, Lazarevic stated in an email to the board that he considered himself as ceasing to be a director of Plutus with immediate effect, and also requested that the company inform Companies House of his resignation.

However, Plutus said that Lazarevic's director service contract and consultancy agreement requires him to give the company a written notice of termination six months prior, which Plutus has not received.

Lazarevic had been COO at Plutus Powergen for five years since 2014, prior to which he was chief executive officer at Fulcrum Power Generation Ltd for a year from 2013 to 2014.

Shares in Plutus Powergen were untraded in London, last quoted at 0.12 pence on Tuesday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Plutus PowerGen PLC 0.11 GBX -37.14 -

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