Home Must Reads Golden Temple execs must return $36 million

Golden Temple execs must return $36 million

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Tuesday, June 19, 2012

Kartar Singh Khalsa and four other executives who wrongfully assumed 90 percent ownership in Eugene food company Golden Temple in a 2007 restructuring must return more than $36 million to a court-appointed receiver, according to a court order.

Golden Temple CEO Kartar Khalsa alone is responsible for returning about half of that amount — $17.4 million, according to the order.

Multnomah Circuit Judge Leslie Roberts recently issued the remedies order and also an order to appoint Conrad Myers, a Portland-based management and turnaround expert, as receiver for East West Tea Co., the new name of Golden Temple. The company’s new name reflects what was left of the business — Yogi Tea — after Golden Temple sold its cereal division to Hearthside Food Solutions in May 2010 for $71 million.

Read more in today's Register-Guard.

 

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