NEWS
Vanadiumcorp says ex-CEO Bakker took company assets
2022-04-29 17:33 PT - Street Wire
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).
The problem, at least as Vanadiumcorp sees things, arose after the company fired Mr. Bakker. According to the suit, he has taken, unlawfully retained or wrongfully withheld the company's assets. He has also unlawfully used the company's confidential information, the suit claims. On top of that, he has sent defamatory information about the company. (Unfortunately for those wondering about the defamatory material, the company has provided no details.)
Vanadiumcorp is seeking a court order that would bar Mr. Bakker from disclosing any confidential information, as well as the return of its assets. On top of that, the company is asking for damages, court costs and interest. Vancouver lawyer Patrick Sullivan of Whitelaw Twining Law Corp. filed the suit on the company's behalf. Mr. Bakker has not yet filed a response.
In the markets, Vanadiumcorp is a light trader. The stock, which recently rolled back 1:10, was last at 12.5 cents.
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