Exclusive: Workers Left High and Dry as GoAGT Goes Insolvent

Maritime security company GoAGT Ltd, headquartered in Malta, has hit the headlines as reports on the company going insolvent raise eyebrows.

The company ceased trading almost two weeks ago amid millions of outstanding salaries to its security staff who have been left at sea as their CEO is accused of abandoning a sinking ship.

Employees said that they last heard from their company’s Chief Executive Nick Davis on 26th July 2014 in an email saying:

GoAGT ceased trading last night, and the debenture holders Arthur John Capital LLP have transferred all vessels in transit and about to embark onto Sea Marshals.”

Claiming that “libellous, criminal and factually damaging incorrect social media posts accelerated the failure of the company” Davis went on to say that it was unlikely his employees would see any further funds.

“I am personally in exactly the same position as everyone else, and was not party to any of the talks between Sea Marshals and Arthur John Capital LLP.,” Davis added.

According to sources affected by the matter, GoAGT HQ staff, both in Malta and UK, have been left with zero information from Mr. Davis or any senior figure.

Mr Davis is believed to be moving between his Cowes, Isle of White office and his other company premises around the South coast of UK.

“We as Malta HQ Management and staff have witnessed irrational spending and poorly thought through financial arrangements executed by Mr Davis over the past couple of years, including unjustified purchase of equipment that was never put to use,  pay-offs veiled as ex-gratia payments being made to 2 former company financial controllers etc,sources informed of the matter told World Maritime News.

To read the entire article, please click here.

Source: http://worldmaritimenews.com

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