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Vice-President of Trade Corporation Breached His Fiduciary Duty; Equitable Relief Is Granted
Plaintiff, IBE Trade Corp., claimed that defendants, its vice president and IBE Trans wrongfully converted IBE Trade assets. Plaintiff sought a declaration that IBE Trade was the owner of 100 percent of the shares of IBE Trans and that the shares be transferred to IBE Trade. Plaintiff requested that all property obtained by the vice president due to his control of Chimco stock, an acquired Bulgarian plant, be transferred to IBE Trans. Plaintiff also sought permanent injunctive relief enjoining defendants from transferring, selling or interfering with the shares of IBE Trans and Chimco. The court granted plaintiff's request for equitable relief, concluding that the vice president had breached his fiduciary duty to IBE Trade. The court found that the vice president had used IBE Trade's name to help purchase Chimco while divesting IBE Trade of its interest in that project.