Bahar sues Lotus for £6.7M

The Lotus saga continues as former CEO Dany Bahar filed a lawsuit against the company and it’s parent company, DRB-Hicom of Malaysia. Bahar is seeking £6.7 million in damages and the company says it will fight the suit and counter-sue. Bloomberg has the story:

“Dany Bahar was dismissed after an investigation into his stewardship of Lotus,” DRB said in the filing, without being specific. “We believe we have acted properly at all times,” it said, adding that DRB and Lotus would “vigorously”

There are certainly contractual language regarding the dismissal but was there any doubt that Bahar was burning through cash and setting the goals a bridge too far? The company will certainly make its case that Bahar was not a good steward of the company’s resources and knowingly over-extended its cash position and exposed it to risks he was hired to avoid. We’ll see how this plays out.

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