Ambrosios “Bruce” Kambouris, the inventor behind Aqua Botanical’s waste-to-water technology, has been awarded compensation following a legal battle against Melbourne businessman Terry Paule.
According to The Australian, the NSW Supreme Court found Paule guilty of “unconscionable conduct” and breaching fiduciary duties, ordering him to pay $24.4 million to Kambouris and former Aqua Botanical CEO David Driver.
Kambouris, who developed Aqua Botanical’s groundbreaking system to convert vegetable waste into drinking water, faced financial struggles while attempting to sustain the business. Living in a factory room in Mildura, he resisted Paule’s efforts to gain a disproportionate stake in the company despite inadequate initial funding.
The court heard Paule manipulated corporate structures to strip control of the technology from Kambouris and Driver, ultimately relocating intellectual property to a UK entity without their approval. This move diluted their shares to 49.8% and excluded them from directorships, despite prior assurances.
Justice Michael Ball described Kambouris and Driver as “vulnerable to abuse” by Paule due to their lack of corporate resources.
Paule also used funds raised for Aqua Botanical to fight the lawsuit, actions described by Justice Ball as “oppressive.” Despite the ruling, Paule denies wrongdoing and plans to appeal, claiming his actions were in the best interests of the company.
The case is set to return to court on Thursday, November 21.
Source: The Australian.
