A BITTER dispute between some directors and shareholders of the giant Kentech group was settled yesterday at the Commercial Court.
Kentech employs 2,800 people worldwide in providing engineering and other services.
John Murphy, a director with a shareholding of more than 20 per cent, brought proceedings against four other directors: Michael Francis Kent, founder of the company; Sarah Kent, chief executive since 2008; John Kent and John Gilley.
The case was due to open before Mr Justice Peter Charleton on Wednesday but was adjourned throughout the day to facilitate talks.
Yesterday, Frank Callanan SC, for Mr Murphy, told the judge the case had settled and could be struck out.
Maurice Collins SC, for the defendants, said the matter would only be re-entered in the event of non-payment related to the settlement.
In the action, Mr Murphy had alleged the affairs of Kentech holding company, Josar Holdings, and the powers of some directors were being conducted in an unfair, oppressive and unlawful manner, contrary to the Companies Acts.
He claimed his employment with the company was terminated in March 2011 in breach of a shareholders agreement.
He also sought orders from the court for the purchase of his shares.
In an affidavit, Mr Murphy, Coach Hill, Rochestown, Co Cork, who has been involved with the group since it was founded in 1994 by Michael Kent, also said he believes the allegedly “perilous state of finances” of the Kent family and their own personal financial interests were taking precedence over the interests of the company.
Sarah Kent, in a replying affidavit, denied the claims.
