Yes, both shareholders/ directors have been requested to sign. The majority shareholder is the brother-in-law of the beneficiary owner.
This is a portion from a threatening email received yesterday:
"If you are not going to sign the documents required let me know by this evening and I will ensure the company takes the appropriate action as Frank has already invested greatly, that’s why the business is here today! Its time it stood on its own two feet."
What has occurred is the beneficiary owner has undertaken a new project and has run out of funds. This project was entered without any discussion with me and I have no relationship with this other business. He now wishes to setup finance facilities with a new Bank, which i have agreed to; however I have stated my name should be on the account as the director. He has stated no and that his daughter is the only person to be listed.
I have discovered the majority shareholder has a history of aggressive, fraudulent behavior; however he has operated within troubled countries where the judicial system has not been strong enough to hold him to account.
He has stated that if I do not sign, then he will apply a 200% interest rate to any funds. what he will likely do is instruct the accountant to make sure the company does not make any profit and he receives everything.
My issue, is I have departed the position as the MD and now wish to exit as the Director under our gentleman's agreement. I have delivered a multi million dollar business and now it is time for him to settle with me.
I have a trade license with me listed as 10% director with articles of association.
The gentleman's agreement was as follows:
DM is me - David Munro. FM is Frank McDonald
I have the 10% listed on the trade license. I received 10% of the profit for 2010 and 2011; however that was after many problems.
I have never received the 10% dividend for 2012. It was to part of my settlement. I resigned in October and handed over to my replacement (who I recruited) in February. I have requested a date for settlement and received generic timelines in return with no commitment. I have lost any faith or trust with these people. I have built an excellent company, which was a start up. He has received $4.6m in profit from his returns within the timeline, which is unheard of for a start-up. It is now time for him to settle with me.
Thank you for the point on duress. Does the content of email below constitute placing someone under duress:
"If you are not going to sign the documents required let me know by this evening and I will ensure the company takes the appropriate action as Frank has already invested greatly, that’s why the business is here today! Its time it stood on its own two feet.
Let me know your decision by tonight and don’t ask me anymore about Dave Munroe because I am done with that as well, you have been told.
Damages to the business will be your responsibly, I have asked you enough times to sign."
I also appreciate signing the document has significant implications, as his daughter could mortgage the business and under take actions without my knowledge, which could make me liable, as I am a director. My concern is to not allow people to use my name unethically or illegally. I've unfortunately got myself involved with suspect individuals and wish to break away ASAP.
Can the gentleman's agreement I have be used in court, or does it have to be a legal contract?
Thank you. He is also a UK citizen, as am I. Can I take him into court here in the UK for a business in the UAE?
OK thank you. Can I appoint a UK lawyer to lodge a case in the UAE?
My next step is to register a complaint with the authorities, along with the Bank. I want to close the matter ASAP and have my name removed from the license.