#Vertu in problems: Unpaid staff, bills, reduced production, acquisition not paid

The Telegraph reports that multiple problems struck luxury smartphone maker Vertu. Allegedly, the new owner of Vertu, Mr Murat Hakan Uzan, still did not pay Goldin Holdings for the acquisition. Mr Uzan accused Goldin Holdings of wrongdoing and is legally pursuing executives of Goldin Holding for unlawful use of company’s assets.

Uzan claims that some suppliers haven’t been paid for more than a year and that staff-related payments were not made regularly. Vertu owes about €2.8 million to Microsoft for rent. The building Vertu uses was owned by Nokia and sold to Microsoft with the sale of Devices and Services business. Property services provider CBRE is owed nearly €477,000, and it warned Vertu earlier this month that it plans to stop collecting waste, cleaning and providing pest control services. Other major creditors include Qualcomm and Acora.

From February, Vertu’s not been paying pension contributions to company’s fund, and the wages are running late, too.

Nokia did a great job pulling out from Vertu, the company it founded back in 1998. All shares in Vertu were sold in 2015, when EQT sold the Business to Godin Holding. More about the Golding-Uzan Vertu deal you can find here.

Via: Neowin.net

Source: The Telegraph