MetalNRG PLC on Monday said its claim against its executive director for oil and gas Pierpaolo Rocco was successful, in which it demanded the return of £1.0 million in pay and damages from Rocco.
The investor in natural resources and energy said it has been paid around £450,000 while the remainder has been paid into court, pending resolution of Rocco’s application for permission to appeal, which MetalNRG said has been denied once on the papers.
MetalNRG said it was successful in the claim by way of summary judgement on first point, adding litigation proceeds on director’s duties claim, eyeing damages from Rocco.
Rocco filed a claim in Scotland under his employment agreement to be indemnified for his legal costs by the company. However, he lost the claim and was ordered to pay legal costs to MetalNRG.
Metal NRG said Rocco appealed and this was heard in December 2022. MetalNRG said it now awaits judgement, which should be forthcoming within the next few weeks.
It added Rocco also referred the case to the employment tribunal in Scotland, but this will be on hold until proceedings have concluded in the English high court for alleged damages from Rocco in breach of his director’s duties.
Shares in MetalNRG surged 11% to 0.078 pence each in London on Monday afternoon.
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