Former Club Marine CEO Paul Wilson has agreed to stand down for 30 days from his new business Nautilus Marine Insurance Agency and pay $375,000 in damages to Club Marine.

Mr Wilson, CEO of the Allianz Australia subsidiary for about 15 years, left Club Marine abruptly in April last year with two other senior managers and immediately set up Nautilus Marine Insurance Agency.

In a suit brought by Allianz in the Federal Court in Sydney, he consented to judgement being entered against him and agreed that he breached his contractual and fiduciary duties to Club Marine.

New Club Marine CEO Mark Bradley says Mr Wilson admitted that his breaches included:

• Involvement in the development of business plans for Nautilus Marine to compete with Club Marine;
• Assisting with the preparations for Nautilus Marine’s commencement of business, including obtaining premises and equipment;
• Soliciting Club Marine employees to move to Nautilus Marine;
• Soliciting agents of Club Marine to move their business to Nautilus Marine;
• Disclosing confidential information to Nautilus Marine and its backers;
• Concealing these activities from Club Marine.

Allianz began its court action 12 months ago, and Mr Wilson consented to the judgement being entered against him in April.

Mr Bradley says that soon after Mr Wilson left Club Marine an analysis of his files and computer system pointed to “substantial breaches of fiduciary duty and good faith”.

“Wilson also took Club Marine property with him when he resigned from the company, including camera equipment, management accounts, diaries and a mobile phone SIM card,” he said. The property was returned, and under orders made by the court, Mr Wilson provided an affidavit confirming he no longer holds Club Marine property.