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Corporate repair job has AMA chasing more funds from sacked CEO

Business

Brisbane smash repair company AMA has revealed it is chasing another $1.3 million from its sacked chief executive Andrew Hopkins.

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That adds to the $1 million that AMA has sought in court proceedings. That money allegedly related to expenses Hopkins received without board approval.

AMA has also said another $871,000 worth of performance rights held by Hopkins have lapsed because they were subject to service conditions.

The $1 million in paid expenses was brought to light in a whistleblower complaint which was followed by an investigation by McGrathNicol and Hopkins resigned from the company and its board in January.

In its interim profit results yesterday, AMA said it had not yet received any of the $1 million in disputed expenses.

“The group has formally commenced a process to recover Mr Hopkins’ employee loan of $1.375 million,” AMA said.

The loan dated back to 2016. It was previously agreed to be extinguished against future incentive but had become due and payable after Hopkins resigned.

Hopkins was also granted 4.8 million performance rights, which were subject to service conditions.

“As the service conditions have not been met, the performance rights lapsed on January 31. The group expects to right back the non-cash amount of $871,000 to the share option reserve in the second half,” AMA said.

The company’s half-year operating profit was $4.6 million, a significant improvement on the $12 million loss for the corresponding period last year.

No dividend was declared.

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