Friday, 10 December 2010

Trafigura: Kieran Looney’s Day(s) in Court

Trafigura and Kieran Looney are having their time in court!

Earlier this year I reported on Trafigura’s attempt to seal the court papers in Kieran Looney’s £6m claim against Trafigura for breach of contract.  The original post gives details of the claims and of Trafigura’s defence as well as putting the court papers online.  If you wish to view the original papers I do advise you that they are very dry.

Rowena Mason in today’s Telegraph has an article which reports on some of Thursday’s court dealings.

She says,

“Kieran Looney, a one-man-band training guru, is seeking £6m in a primary claim and potentially compensation of up to £77m, after alleging that Trafigura breached his contract.

He was hired to improve communication and working practices of senior management at the commodities trader, but the relationship later broke down after less than a year.

Trafigura strongly denies any breach of contract, having paid Mr Looney £3m for one year out of a three-year training contract, plus a £1m termination fee.

Pierre Lorinet, the finance director of Trafigura, argued in court on Thursday that Mr Looney's training programme "lacked structure" and that the consultant was "difficult to work with".

He said he had originally wanted a "pushy" character like Mr Looney, because he wanted to "shock the company" and its senior staff into changing their behaviour.

"We were under pressure, because our colleagues on the board wanted us to improve performance," he told the court. More Trafigura executives are expected to give evidence this week.”

A “one-man band” and he has a claim for £6m   I’m a one-man-band and I couldn’t sue anyone for 6p!

I’ll keep my eye on this and report back when I have more information.

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