The former financial controller of a Waterford engineering factory had paid himself on the double for most of the past eight years, the High Court was told yesterday.
Turnex Ltd, Cork Road, Waterford, was granted a temporary injunction restraining Mr Jim Burns, Gandon Drive, Norwood, Waterford, from reducing his net assets below €206,670 and from concealing or destroying personal or company records.
Mr Frank Callanan SC, counsel for Turnex, told Mr Justice Peart that when Mr Burns had been sacked on August 29th last, the managing director, Mr Ray Breen, had been aware of a shortfall of €36,300 in company funds.
Mr Breen, in an affidavit, said Mr Burns had been paid a monthly salary of €2,600 plus contributions to a credit union account and contributions towards an insurance policy.
Under a profit-sharing scheme, Mr Burns had been owed €18,728 by the company.
Initial investigations revealed that back to July 2002 Mr Burns had been paid an excess of €36,300 to his salary and contributions. He eventually acknowledged having taken that amount.
Mr Burns had told Mr Breen he had been going through a rough time and felt the money had been due to him under the profit-sharing scheme. He had denied that the misappropriation of company funds went beyond the €36,300 figure. However, a company audit had revealed €206,670 had been misappropriated.
Mr Breen said the missing money was primarily attributable to the fact that almost every month since July 1995 Mr Burns had been paying himself twice his pay. "I am concerned he may already have embarked on a course of dissipating or concealing his assets to thwart any attempt by Turnex to recover its funds," Mr Breen said.
Mr Justice Peart granted both interim injunctions until next Wednesday.