COSALT, the marine services group, said yesterday it had now reached “full and final settlement” in a dispute which will see two Scottish businessmen pay it £2 million.
The deal has brought an end to a two-year legal battle involving Calum Melville, a former director of Dundee FC, and his brother Stuart.
Under the agreement, £1m will be paid by 23 October and the balance paid quarterly over 18 months. The payments are to be secured by a pledge over shares in a company controlled by the Melville family.
Grimsby-based Cosalt began legal proceedings after it announced an investigation had begun into an alleged shortfall of up to £4m at its Aberdeen-based offshore division, headed by Calum Melville.
The two brothers have strenuously denied any wrongdoing and have not admitted to any liability in reaching the settlement.