Company seeks damages after investor allegedly backed out of agreement
A wholesale outlet alleges a Jefferson County resident backed out of an agreement to pay the company $5,000 per month in return for a profit interest in the company.
Muhammad T. Javed and Starco Impex Inc., doing business as Wholesale Outlet, filed a lawsuit Aug. 28 in Jefferson County District Court against Ehtisham Ul Haq.
In their complaint, the plaintiffs allege they entered into an agreement with Ul Haq in which Ul Haq would receive a percentage of the profits in Wholesale Outlet in return for paying $5,000 per month.
In addition, Ul Haq agreed to work for Wholesale Outlet until Dec. 31, 2020, and not to compete with the company until three years after the end of his employment, according to the complaint.
Recently, Ul Haq resigned from Wholesale Outlet, the suit states. In addition, he has failed to make the promised monthly payments, the complaint says.
In doing so, Ul Haq committed fraud, Wholesale Outlet alleges.
In its complaint, Wholesale Outlet seeks a judgment of more than $1 million, plus pre- and post-judgment interest, costs and other relief the court deems just.
Chris M. Portner and J. Trenton Bond, of Portner Bond LLC in Beaumont, will represent the plaintiffs.
Jefferson County District Court case number: E196-061
This is a report on a civil lawsuit filed at Jefferson County District Court. The details in this report come from an original complaint filed by a plaintiff. Please note that a complaint represents an accusation by a private individual, not the government. It is not an indication of guilt and it represents only one side of the story.