Luxury phone maker Vertu is reportedly skimping on employees' salaries, pensions
Meanwhile, Uzan's lawyers claim that following the shift in ownership, they were "shocked to discover that many suppliers have not been paid for a year and a half." According to The Telegraph's sources, Vertu owns debt to companies like Microsoft and Qualcomm, who are now considering calling them in, which will effectively bankrupt the company. But these are far from the only debts the company has: it also hasn't been paying its cleaning, waste, and pest control bills.
But the real victims of the whole debacle seem to be the company's employees. In a recent formal grievance letter they raised concerns that their wages, which were due last Tuesday, haven't been paid, while Uzan's lawyers claim salaries are actually due this Friday. Also, their pension deductibles, which amount to "hundreds of thousands of pounds," haven't been paid into Vertu's retirement fund since February.
Both sides are now also threatening to sue each other: Chen wants to sue Uzan for not paying for the company's shares, while Uzan's claims, which his team claims will be pursued in Chinese courts, are that Chen has been committing "unlawful use of company assets."
source: The Telegraph
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