Leiman would only have been entitled to be deprived of shares and options “if he had engaged in conduct that caused actual commercial detriment or harm to Noble, but there did not appear to be any evidence of such detriment or harm having been caused by his conduct,” judges said in the ruling.
(May 29): Singapore’s top court ruled in favour of a claim by Noble Group Ltd.’s former Chief Executive Officer Ricardo Leiman to millions of unpaid shares, overturning an earlier ruling while upholding that he wasn’t entitled to his bonus.
The Court of Appeal allowed the appeal in “large part,” and ordered an assessment of damages after ruling that Noble deprived Leiman of entitlements including the right to exercise share options, according to a copy of the judgment seen by Bloomberg. The court said Leiman wasn’t in breach of contractual non-competition and confidentiality obligations, also overruling an earlier decision.
