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Q Investments Ltd
Symbol QI
Shares Issued 19,185,935
Close 2014-07-24 C$ 0.19
Market Cap C$ 3,645,328
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Q Investments' Caravel wins case against ex-accountant

2014-07-31 13:08 ET - Street Wire

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by Mike Caswell

John Hislop's Caravel Management Corp. has won a decision in the Supreme Court of British Columbia against the company's former accountant, Jolene Roberts, for taking $98,443 in unauthorized advances. A judge has found that she took the money through cheques and wire transfers she initiated over a number of years. Although she claimed the money was for expenses, the judge said there is overwhelming circumstantial evidence showing otherwise.

The decision comes over two years after Caravel sued Ms. Roberts, an employee of 15 years, over the money. Caravel said it only discovered the payments after it had dismissed Ms. Roberts in December, 2011. At the time, the company did not believe it had any reason to fire her, so it paid her $50,000 in severance. A subsequent examination of its books uncovered the missing money, the company claimed.

The matter went to a 10-day trial earlier this year before Justice Susan Griffin, who released a judgment in favour of Caravel on July 28, 2014. The decision describes Ms. Roberts as a single mother who began working for Caravel in June, 1996. Her responsibilities included looking after the company's chequebook and paying all of the bills. For some of her time at Caravel she was the sole accountant, and the only person who saw its bank statements. She and a subordinate signed most of the routine cheques. Caravel initially paid her $48,000 per year, which Mr. Hislop increased to $100,000 per year in 2002.

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