30 March 2009 16:52 [Source: ICIS news]
HOUSTON (ICIS news)--Huntsman paid founder and chairman Jon Huntsman $15m (€11.3m) in consulting fees last year for his work in settling a lawsuit against Apollo, a development which the company did not immediately respond to on Monday.
The payment was mentioned in a footnote in the company’s 2008 annual report.
By December, Huntsman opted to accept a $1bn settlement, far under the $3bn the company initially sought from Apollo in the lawsuit.
Huntsman did not immediately respond to a request for comment on Monday.
However, Huntsman board member Nolan Archibald told The Wall Street Journal that he believed Jon Huntsman “saved the company” by negotiating the settlement and raising much-needed capital in a timely manner.
Moreover, Archibald said the payment was not a bonus, but a one-time performance fee equivalent to 1.5% of the overall $1bn settlement, the Wall Street Journal reported
Huntsman also paid $43m in fees to its legal counsel for the settlement, Houston-based Vinson & Elkins, according to the annual report.
($1 = €0.75)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|