Ex-Cavotec fraudster sells shares
A former Cavotec employee who was ordered to pay nearly US$7m after a jury found he had breached his fiduciary duties “with malice, oppression and fraud” has sold his Cavotec shares to help pay the charge.
Michael Colaco initiated a lawsuit against Cavotec after he resigned as a member of Cavotec’s executive management committee and as managing director of Cavotec INET Airport Systems.
The jury rejected Colaco’s claim and Cavotec filed a counterclaim related to breach of fiduciary duty and of contract, and of misappropriation of funds.
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