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Mixed Ruling Issued in Dispute With Former CEO

SYDNEY, Australia -- Aristocrat Leisure Ltd., the world's second-biggest slot-machine maker, doesn't have to pay former Chief Executive Des Randall a A$12 million ($8.4 million) severance claim, the company said the New South Wales Supreme Court ruled.

The court decided that Randall is entitled to receive his 2002 bonus of A$900,000 and ruled against the company's claim for A$400,000 of expenses against Randall, Sydney-based Aristocrat said in a statement.

Randall was fired in April 2003 after the company said earnings would miss forecast because of slowing sales in the United States. David Creary replaced Randall on an acting basis until Paul Oneile was formally appointed in December.

Last month Aristocrat forecast net income in the six months ended June 30 of as much as A$60 million, compared with a A$33 million loss a year earlier, which didn't include any provisions related to the Randall litigation.

The stock shed 1 cent to A$4.80 at 12:19 p.m. today in Sydney. The shares have gained 179 percent this year, making it the best performer in the benchmark S&P/ASX 200 Index.

Copyright © Las Vegas Sun. Inc. Republished with permission.

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