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Mortgage House chief executive officer Ken Sayer has been ordered to buy out the interests of his former business partner, Zoltan Tomanovic, by the NSW Supreme Court.
The pair have been feuding since 2006 – two years after they split up their business partnership.
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According to court papers, Mr Sayer paid Mr Tomanovic $1.3 million between the years of 2004 and 2006, but then demanded this amount be repaid in full in December 2008.
Mr Tomanovic subsequently launched legal action against Mr Sayer, asking the Court to order Mr Sayer to buy out Mr Tomanovic's 45 per cent interest in Mortgage House's parent company Global Mortgage Equity Corporation.
Last week, the NSW Supreme Court made preliminary orders that Sayer buy out Tomanovic's 45 per cent interest in Global Mortgage Equity Corporation at the company's net value at June 30, 2010.
The amount to be paid to Mr Tomanovic is yet to be disclosed.
