Zylotech’s former CEO “set-up”

In late December 2008, Sikiotis was forced out of his position, due to ‘irregular transactions'.

According to a statement to the ASX, the company identified a number of irregularities in transactions between Zylotech and a related party to Sikiotis.

When approached for an interview by CRN Sikiotis said the matter was now in legal lands.

Although he claimed: “The whole thing was a 'set-up' to get rid of me based on drummed-up information which has been disclosed year-after-year in the Company's Annual Reports, signed every year by the Company's Auditors and countersigned by the CFO.”

Sikiotis also sent CRN a statement from his lawyer Paul Murphy and Associates stating, the former CEO was defamed and unfairly dismissed by Zylotech.

“Mr Sikiotis strongly denies any irregularities in transactions between Zylotech and any related parties of Mr Sikiotis. Further, he denies as does his company, Holiward Pty Limited, any breaches of either employment agreements or subcontracting agreements with Zylotech,” read the statement.

“It should be noted that Mr Sikiotis was terminated without notice. He was given no realistic opportunity to deal with any allegations against him in circumstances where the dealings with WNA Systems Pty Limited have been a matter of public record for at least the last three to four years. Nothing improper has occurred.

“It is inexplicable that the decision to terminate Mr Sikiotis’ contract and publish the ASX notice was taken and circumstances where no opportunity was given to address specific allegations with supporting documentation prior to a Board meeting.”

According to the lawyer, Sikiotis reserves his rights including possible actions for defamation and for fundamental breaches of the employment agreement and the subcontracting agreement by Zylotech.

“The events have been extremely disappointing to Mr Sikiotis – his involvement has stretched for over 20 years both in Zylotech and its predecessor company which Mr Sikiotis founded in Melbourne,” stated Paul Murphy and Associates.

Zylotech's interim CEO, Steve McKay told CRN that he wasn't able to comment on the situation as the matters were subject to legal proceedings.

"The Board stands by its decision in relation to its release of Mr Sikiotis," he said.

"As far as I am concerned there is no basis to institute any legal proceedings by Sikiotis.

“I reject any suggestions that his termination was improper. Zylotech was clearly entitled to terminate his employment agreement.”

Sikiotis said he would keep CRN informed of the following matter as it unfolds.

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