Former Ability Press owner Michael Wu has been fired from his top spot as director in the Docklands Ability Group mega merger, as co-owner brothers Moody and Abbey Aboughattas confirm his exit from the business.
Docklands Ability Group co-owner Abbey Aboughattas told ProPrint Michael Wu is no longer with the business after he was dismissed for providing incorrect information to his merger partners.
“He has done the wrong thing by the group, and in a nutshell the information that he passed onto Docklands before the merger was wrong,” says Aboughattas.
“We have since asked Wu to step down as both a director and a shareholder for giving us the wrong idea of his business position when we partnered.”
Aboughattas says that while Wu has been ejected from the newly merged Docklands Ability, his sales reps will remain on board and the group will endeavour to maintain its client base.
The Docklands boss also confirmed Wu’s shares are now in the hands of offshore Chinese investors.
“His actions have meant we cannot work with him anymore, he has moved on and we also want to move on from this,” added Aboughattas.
Aboughattas did not confirm what erroneous information Wu had told them before the merger, however he says the problems were financial.
Wu represented one third of Melbourne’s mammoth printer merger between Ability Press, Docklands Press and Mercedes Waratah.
The deal also included Wu’s business On Demand, which Aboughattas says trades completely separate from the Docklands Ability Group.
Following the merger Wu’s business Ability Press continued to trade separately under the same name.
ProPrint understands the separate company Ability is no longer operating, with multiple industry insiders revealing Wu owes significant debt to a number of Melbourne businesses.
The Docklands Ability merger was finalised in September 2015, with both businesses soon moving into the Mercedes Waratah Port Melbourne facility.
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