As software developer for Queenstown tourism digital recording system Mediaflow, Lucas Marin held keys to the kingdom, blocking access after a dispute with fellow investors David Akal and Nahuel Lukomski. They allege Marin is now bleeding the company dry; awarding himself an excessive salary and claiming ownership of Mediaflow’s intellectual property.
The High Court was told all three hold equal shareholdings in Mediaflow Ltd, a company established in 2020 to provide digital photo and recording systems for central Otago tourism operators. Akal and Lukomski were responsible for customer service; Marin developed the backend software.
A little under eighteen months after setting up business, directors fell out. Mr Marin cut off Mr Akal’s access, preventing customer updates. Both Mr Akal and Mr Lukomski subsequently resigned as directors. They were denied online access to Mediaflow records, including email and bank accounts.
As sole director, Mr Marin then awarded himself an annual salary of $500,000. The court was told Mediaflow revenue for the previous twelve months had been some $340,000.
Only after two hastily arranged shareholder meetings did Akal and Lukomski regain a measure of control; voting themselves back into office as directors and having Mr Marin agree to reduce his annual salary to $180,000. They took to the High Court to have this pruned back further, saying Mr Marin’s salary was excessive, threatening company solvency.
Justice Dunningham said she first had to hear Mr Marin’s side of the story.
It is alleged Mr Marin acted in breach of the Companies Act; failing to give reasons and to sign the necessary certificate stating salary payments were ‘fair to the company’ for what in effect was a transfer of all company assets to himself.
Mediaflow Ltd v. Marin – High Court (21.09.23)
23.164