Vanadiumcorp says ex-CEO Bakker took company assets
2022-04-29 17:33 ET - Street Wire
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by Mike Caswell
Vanadiumcorp Resource Inc. has filed a lawsuit in the Supreme Court of British Columbia against Wim Adriaan Bakker, who was the company's chief executive officer until his recent firing. The company claims that Mr. Bakker took or retained some of the company's assets. Despite demands, he has refused to return them, the company says.
The allegations are contained in a brief notice of claim that Vanadiumcorp filed at the Vancouver courthouse on Thursday, April 28. The suit identifies Mr. Bakker as the company's CEO from 2013 until his firing on March 11, 2022. He remains a director (at least for now).
The suit claims that during Mr. Bakker's nine years as CEO he was entrusted with many of the company's assets. The company has provided few specifics, simply describing those assets as "including physical property, confidential information, banking information, accounts, social media passwords, DropBox access, phone and server access, as well as company records." According to the suit, Mr. Bakker owed the company a fiduciary duty with respect to those assets (meaning he was to place the interests of the company ahead of his own).
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