TREASURY HOLDINGS group finance director Guy Leech has initiated a High Court action to ensure he receives a payment of more than €2 million allegedly due to him this year under a long-term incentive plan (LTIP).
Mr Leech also said Treasury is seeking a 35 per cent cut in his overall remuneration from June 1st next, a cut to which he had not agreed. That was not directly relevant to his legal action, he said.
Mr Leech also said he had worked for some five years away from his family in the belief he would receive the LTIP monies. He has a £1.3 million (€1.5 million) mortgage, he added.
Mr Justice Peter Kelly gave leave yesterday to Brian Murray SC, for Mr Leech, to serve short notice of his application for an injunction preserving Mr Leech’s interest in a sum of £1.9 million. The judge returned the matter to Monday.
Mr Leech claims the £1.9 million sum was, until Thursday of this week, held in a bank account at Kleinwort Benson, Jersey, Channel Islands, in his name but under Treasury’s control. He claims the money was transferred on Thursday by Treasury to an account of Treasury’s in this jurisdiction and Treasury had no entitlment to do that.
Mr Leech, group finance director with Treasury since 2003, said the money represents his entitlement under Treasury’s LTIP. He claims the terms of his participation in the LTIP were agreed in 2003 and he had received interim payments for the years 2006 and 2007 of some €625,000 and was due final payments this year.
Over the last few weeks, he claims Treasury had made clear to him it did not intend honouring its obligations under that plan.
The proceedings are against Treasury Holdings, Burlington Road, Dublin, and Greyleaf Ltd, Douglas, Isle of Man.
Mr Leech said, in circumstances where he performs services for the Treasury group of companies, which includes foreign registered entities, he has two separate contracts of employment with both defendants.
