Valchern Corporation Headquarters Limassol, Cyprus
Andrew left after a four-day stay to go to Cyprus and Elli planned to enjoy the rest of the week alone in peace. She was dozing by the pool when her mobile rang.
‘Hello?’
‘Mum, it’s Vasilis. I think you have to get back here. Manoukios has called an extraordinary board meeting.’
‘He what? When?’
‘Tomorrow at ten o’clock in the morning.’
‘He is in a hurry. Do you know why?’
‘No, he didn’t say.’
‘But he is obliged by law to give warning of the reason of such a meeting. I’ll be back in Limassol tonight. In the meantime try and find out as much as you can.’
She had been waiting for this for sometime. She was wondering when Manoukios would declare his hand. She had not believed Andrew. She had had a cold feeling about him since their discussion a few days ago. But she didn’t show him anything to indicate that she had been suspicious.
Let him be lulled into a false sense of security. In the meantime, she had been doing her preparation and had unearthed some interesting information about Manoukios.
Elli landed at Larnaca International Airport at midnight. A car took her straight to her house in Limassol where she had a meeting with her son Vasilis.
‘Vasilis, have you studied the information I have had collected on Manoukios and his family?
‘Yes.’
‘Do you understand what’s going to happen at that meeting tomorrow?’
‘Yes. I think Manoukios and the others are going to have a fit.’
‘Good. You know, if they do, that would make it easier and spare them the embarrassment that I have in store for them.’
The set was the boardroom of the Valchern Corporation headquarters in Limassol, Cyprus.
‘I call this meeting to order.’ Elli called out to silence those present and let proceedings roll.
‘Elli why are we here? Why all this formality? And it’s Sunday of all things. Why the urgency?’
‘The impatient Dekon.’ She looked across the table. ‘Maybe Manoukios should tell us. He was the one who called this meeting after all.’
Manoukios hesitated. He was suddenly afraid of Elli. Up to that moment he felt confident and cocky of having the upper hand, of turning the tables on Elli and her domination of the company that he despised for so long. He could not wait to finally settle the score with her once and for all.
He felt that with allies like he had now, this was the moment to strike, when she was at her most vulnerable, her moment of weakness, seemingly distracted by other matters, or so he thought. He was determined to press his advantage.
But Elli had other plans and he did not have the vaguest idea of what was in store for him. Her authoritative manner shocked him. His courage evaporated. His bullying demeanour was surprisingly mute.
Elli decided to encourage him and perhaps intimidate him a bit more. ‘Well? Are you going to enlighten us?’
Again silence from the other end of the table.
‘No, maybe not.’ Elli paused. ‘Since Manoukios has shockingly lost his tongue, let me tell you. We are here, because one of you has been assisting an outside coup and stirring things.’ Elli paused for effect.
There were gasps of shock around the table. Dekon expressed everybody’s question apart from the perpetrator who was fidgeting and shifting uncomfortably in his seat. He was so transparent, thought Elli. He was never one to control and hide his feelings. He would be a very bad poker player.
She would have expected him to clam up and look ashamed. But no, not Manoukios. That would have been too much to ask. Too big a demand on his intelligence and ample common sense. God ran out of brains when he made this one, Elli thought.
His belligerence raised its ugly head. Instead of staying quiet, he stood up, defiant and defensive, reckless or unaware that Elli held all the cards. He didn’t care if he betrayed himself in the process.
‘Why should you be the one to still lead this company? I think it’s time for the chair to move to one of the other clans. You are no longer fit to run the company. I move for a vote of no confidence in you and for your removal from the board.’
‘Do you think you have the numbers?’
‘I’ll take that chance.’
‘Would you like to tell us why?’
With a smug expression on his face he launched into his indictment. ‘You have been using company funds illegally for a futile personal project or a quest for which the company will obtain no financial gain.’
There were audible gasps around the table even if some of the other shareholders for whom Manoukios was the spokesperson knew about this. It was still shocking, as it was the first time the authority of the head of the family and the head of the company had been at least openly challenged in a public venue.
Manoukios was on a roll, or so he and his allies thought. He continued, laughably undaunted, blindingly digging deeper holes for himself as he went along.
‘Unless, of course, it is for the pursue of treasure or something valuable in which case it belongs to the company and it should therefore be shared proportionally amongst the shareholders as an extraordinary tax-free dividend. Elli, is it treasure that you crave and are searching for so obsessively?’ There were murmurs and nods of agreement with his last proposal.
‘If you actually check your records you will realise that everything was paid for through my own personal funds. That was a cheap shot, Manoukios.’ Elli ignored his other allegations. It was none of his business.
Elli thought that her mere presence at this meeting and her obvious confidence should have been enough to indicate to him that he, and the person or persons he had allied himself with, had already lost.
He had played with fire and was about to get burned. He had no idea of the fate Elli had in store for him for such blatant and sloppily organised betrayal. She knew how she would have gone about doing it, if she was planning such a coup, and it would not be like this fool has done it. And it would probably have had a bigger chance of success. So typical of Manoukios not to be properly prepared. His habits during his school years still bedevilled him.
‘Manoukios, you always were a greedy fool. Now, shut up and listen. This concerns not only you but all of us. It is not about you, about one person or one family.’ Elli paused. ‘And I will tell you why. It appears you have not done your homework. You have not studied the rules of the company. I am the current 60 % majority shareholder and as such I have absolute control of this company. The rules were created by the founders, so as to prevent future petty challenges causing upheaval by distracting from the company’s management and damaging the company.
‘You are on a slippery slope, Manoukios. To continue on this silly course of ignoring the facts and hoping for a miracle is a waste of all our time and it smacks of a vendetta, of a desperate attempt to settle scores. Perhaps you believe you are in a parallel universe where a miracle will override the company rules.’ Elli’s last sentence was phrased as a question. Her words oozed caustic irony.
Manoukios was still smarting from Elli’s assault, but there was no giving up and no turning back. He had to see this through to the bitter end. He went on a new assault of his own.
‘My dearest Elli, I repeat. Why should you and your clan be the one solely deserving of this honoured position? Tell us, please, where it is written that you and your brood are the chosen ones. Because, and I believe I speak for most of us here, I don’t know of any such situation that should continue in perpetuity.’
Elli almost laughed out loud. Manoukios certainly had a lot of fight still left in him. Playing to the gallery, as they say. Such splendid posturing. She was almost impressed by his performance and sheer stupidity, put on display for all to see.
He was now well on his way to, expertly and determinedly, dig an even larger hole for himself and taking his allies with him. Well, he would do that literally and very soon, Elli thought. And he didn’t know it yet. Elli calmly and tactfully nudged Manoukios along.
‘I think you have not been listening.’
‘Yes, I have, and I plan to challenge those rules in court. I’m going to call my lawyer right now.’
Manoukios began to have the chilling feeling that he had lost the battle. He had to get out and think. With his defiant declaration he was buying himself time before a suspected humiliation at the hands of Elli came. He had to save face before all present.
He had to leave the room quickly, postpone or, if he was lucky, completely escape the sentence Elli would unilaterally pass on him and execute with ruthless efficiency and no remorse. She would have every right to do that. He was the culpable party after all. However, unbeknownst to him, with his statement his folly was now complete and his fate inescapable.
He stood as if to leave, but didn’t get very far. Something was slowing him down with every step he took, and was pulling him back. He could sense Elli’s eyes on him. He knew she had more to say.
He stopped and turned towards those present. His eyes locked on Elli’s. He started to say something, to protest, but whatever he intended to say was cut short prematurely and killed at birth.
Elli had had enough of his stupidity. ‘Sit down, Manoukios, and shut up.’
‘We don’t trust you.’ He said as he sat down, his demeanour one of a scolded child, still defiant but with his protest weakening with every syllable.
Elli waited until she had everybody’s attention. She could feel their eyes boring down on her. She was enjoying herself. She only hoped that they were enjoying the show as much as she did.
‘Manoukios. You have been in Andrew’s pocket for quite some time now, haven’t you? For those who don’t know who I am talking about I am referring to Andrew Le Charos.’ Elli paused. She looked around the table at shocked and in some cases also confused faces. ‘Yes, the Australian shark as he’s otherwise known.’ There were nods of recognition. She continued. ‘You conspired with Andrew to cause trouble not just to me but disruption to the company itself. How much has he paid you Manoukios?’
‘You are bluffing. You have no proof of that.’
‘I’m not bluffing. And I believe I speak for all of us here when I say that by claiming that I am bluffing, you have confirmed that what I said is true.’
Manoukios was shaking his head; his face was going red, causing in the others the fear that a stroke or a heart attack was imminent. His whole body began to tremble, he appeared to be shaken by convulsions, he seemed almost on the verge of madness and it made one expect that he would start to break apart and explode at any moment, like a tremor that opens up cracks in the earth. The others were watching him with fascination.
Elli continued. ‘You can deny it no longer.’
Manoukios was becoming desperate. He felt he was losing his supporters in the room. He had to do something. He had to say something. But maybe it was already too late.
‘You run the company like your personal fiefdom. You take decisions and do whatever you like without consulting the board.’
‘You know as well as I do that that is part of my extensive authority according to the company’s rules. I do not have to consult the board and that’s how it has been for hundreds of years.’
‘Perhaps it’s time for this to change. Especially since you have abused your position and disgraced this company and caused it irrevocable damage.’
‘I suggest that you stop this nonsense before you cause the company and suffer yourself irrevocable damage.’
‘Are you threatening me?’
‘No, I am not. I don’t have to. You are doing the damage to yourself by seeing enemies where there are none and fighting the shadows. We are not out to get you, you know. You always get so…’ She paused. ‘… defensive.’
He ignored her. ‘Let’s not lose sight of the ball here. As I was saying, before being rudely interrupted, this woman has harmed this company, this board and, by extension, us. And I provide these as proof.’
He proceeded to distribute copies of newspapers and various other publications with highlighted stories about Elli, stories with spurious and serious allegations about her professional capacity and role, about mismanagement and abuse of that role and nonsense about her private life. It was unbelievable and cheap.
Elli had suspected that he might use this material and had no doubt that he had fed all these lies, these fabrications to those publications with the aim of creating a huge scandal and embarrassing her with the ultimate aim of crashing her and forcing her out of the company, the family, society and friends and acquaintances.
She knew he was the one that instigated this ridiculous but seriously misguided campaign against her in the press and other media. Elli was prepared for that eventuality.
‘This nonsense that you have presented so flamboyantly and with such flair before us is already with the lawyers. You and these publications, which stupidly without checking their sources, printed these lies, and any media that have broadcasted any of it, will be sued for libel. You and the people you gave the story too will be receiving court documents in the next few days.’
‘But how? What are you saying? Don’t try to wriggle out of this. You know that everything is true.’ As he was saying this he was beginning to lose heart, the passion and confidence in his voice noticeably waning. ‘I spoke to no-one. You should have been more discreet, or rather not have done any of this at all. Ah, Elli you’ve always thought you were better than us. What do you have to say for yourself now?’
‘Manoukios, just stop it. That’s enough. If lies is the best you have to throw at me then you are a very small man indeed. I do have evidence that it was you who spoke to the media.’
He almost went to protest, but thought better of it or caught Elli’s forbidding act of the lifting and widening of the eyes, which effectively shushed him.
Elli had anticipated his action or saw the flicker of a movement, which was enough to warn her. ‘I have written statements and those who have given those statements are also willing to testify against you.’
She moved her eyes away from his, indicating the people around the table who were ravenously consuming and voraciously reading the written tosh. ‘Do you think anyone in here believes this rubbish? Oh, you may say they do, because they are, at this moment, very interested in it and can’t get enough of it, but it’s just entertainment for them, the novelty value of new amusement and salacious scandal which is always popular whether it’s true and based on fact or not, as the case may be. But give it a few days and then interest will vanish. The papers themselves will tire of this and they, as well as the public, will move onto the next big thing, the next breaking news.’
Elli had to get the others away from their voracious reading and she knew how, with something even more interesting.
‘Manoukios, did you know that your family, more specifically through your wife’s side was involved in collaboration with the Ottoman Sultan in 1453 in the abduction of the last Emperor and the instalment of an impostor?’
The others stopped their reading or whatever else they had been distracted with and turned towards her giving her their full attention.
Manoukios would not take this sitting down. ‘I’m impressed. Such fairytales. You know how to weave a story. If you have not written a book yet, it is such a waste. Someone should rush and sign you on quick.’
‘It is not a fairytale. It is true.’ Here Elli bluffed a bit. Although it was her suspicion that that was what happened, and some manuscripts that were found by Aggelos at the library of the Monastery of Pantokrator on Mount Athos did make some reference to such a plot and the said family’s collaboration, she did not yet have confirmation that there was an impostor on the throne at the time.
‘But even if you have evidence of that, it was a long time ago. It is irrelevant. It has nothing to do with today’s events and my motion. Don’t think that you can distract from that and pull wool over our eyes. I think you are becoming desperate, because you are guilty and reckless and…’ He was becoming hysterical and was by now shouting. ‘… you should not be here anymore. You should have no right to be here anymore.’
‘And you, Manoukios, are trying to divert attention from your breach of your duty to the company and, more specifically, which has legal complications for you, the fact that you have illegally and against the company’s rules pledged your stake to someone outside the family, effectively giving that person control over your stake which you are expressly not allowed to do.
‘In addition, because of that, you have abused your position within the company and as a member of the board and you have passed on to an outsider confidential and sensitive information on the company and its activities. I think the lawyers and the courts will have a field day with this case. I believe your position on this board and within the company has become untenable, my dear Manoukios.’
‘What are you talking about? All these false accusations and without a shred of evidence.’ He looked around the table. ‘As if further proof was needed that you are insane and unfit to run this company.’
‘The evidence is all there, Manoukios, and, furthermore, Andrew Le Charos himself told me all this.’
‘He did not. You are bluffing.’
‘You should know that I am not. And even if Andrew does not wish to testify if we reach that stage, he can be compelled by law to testify. So, you see, your plot and your dirty practices have been uncovered. And it’s too late to even try to put them back into the box and secure it.’ Elli paused. You have underestimated me, haven’t you, Manoukios? I have had enough of trying to persuade you to come to your senses and drop this personal vendetta against me for your own good and the company’s, but all you’ve always done is put booby traps in my way.’
She gave a piercing gaze at Manoukios’ so-called allies who had so far kept quiet. They lowered their eyes to their notepads, seemingly embarrassed or uncertain of themselves. They said nothing whether in support of Elli or, interestingly and more crucially, in support of Manoukios. Elli was amused. The traitors could not even manage to stay loyal to their betrayal and seemed to be wavering, standing on the fence, undecided whether switching sides would be more beneficial to them. Even if they had done it now, and wholeheartedly supported Elli, it would have been too late to hide their internal strife. The fact that they were even considering it was the last straw, the nail in the coffin of their betrayal.
Manoukios’ grand alliance was crumbling before her very eyes or, perhaps, she was misreading the situation. It was their reluctance to expressly denounce Manoukios, their erstwhile ringleader, and firmly and unequivocally pledge their loyalty and allegiance to Elli, that proved to her that they could not be trusted. Because of that she would not give them another chance. It would be pointless, as they had burned their bridges already. If they had betrayed her once, they could do it again. ‘Suit yourselves. Is that how you all feel? Does Manoukios speak for you all?’
Manoukios’ eyes were darting around in panic and fear gripped him of what else Elli had up her sleeve. He was searching his memories, his actions, his whole life, for anything else incriminating and damaging. He was almost ready to capitulate in shame and accept his fate when he looked around the table at the faces of those present for the answer to Elli’s question.
He thanked his god and his lucky stars for the panic and uncertainty that forced him to delay his surrender, to conceal his weakness before Elli’s onslaught at the critical time that his fate would be judged by his allies maintaining their support and standing firmly behind him, to rein in the urge to give up and leave this humiliation, to hold back from uttering the words that were rushing to get out as the fruit of his fears.
He thanked all that he held sacred for keeping him quiet for that bit longer, but long enough not to trip, not to disrupt the feelings of his allies, not to allow them to be intimidated by Elli into submission by being brought back to their senses and changing their minds, forcing his eviction from their loyalties, their minds and their hearts.
There was a glimpse of hope on his part that he had not lost his support in the meeting. His supporters were still with him. And then he saw what he had hoped but accepted he could no longer expect. He could not believe it. There was strong assent from all the heads of the clans and shareholders present that they agreed with the views he had expressed, apart from Elli’s own immediate family, including Iraklios, who, though he had his own agenda in mind, had decided that there was no need to stir those particular waters right now or to draw attention to himself. He could not allow anything, let alone something as minor as this internal company conflict, to detract from his ultimate goal.
Manoukios could not believe it but Elli had not managed to sway the minds of his allies, even after having exposed him and his weaknesses for all to see, even after him failing to hold the course and stand firm and stay faithful and strong to his strategy agreed with them before the meeting, even after being made to look like a fool, although he had to concede he had done that all by himself to himself. They agreed with him.
All those people still agreed with him after all that had transpired at the meeting. They were stupid, he thought to himself, but it did not matter as long as they were his stupid allies and he was glad to have them on his side.
The time had come for Elli to quash this laughable uprising and bring the matter to a close once and for all. It was time for the trump card. ‘Fine. As you wish. This meeting is over. Go back to your plush and decadent little lives and be comforted by your personal and vested interests. You shall not have them for long.’
Now Manoukios was really panicked. ‘Are you declaring war on us?’
‘Oh, no. That would be too crude, too gentle a word. I’m using a little-known clause in the rules of the company to ostracise you and force the delivery to me of your holdings.’
‘You cannot do that. We will take you to court, if you even try. We will sue you for everything you have.’
Elli turned to Vasilis. ‘Please distribute the relevant documents.’
Manoukios again. ‘What? What is this? But how…?’
Elli just smiled and waited while those present around the table read their indictment and sentence all wrapped in one beautifully presented package. They were studying the document and Elli could see their eyes opening wide in disbelief. She had their attention. She pressed her advantage.
‘However, I will not be cruel. I propose that the company buys you out. You will tender your shares at a fair value that has been reached by an independent valuation.’ Elli gave copies for distribution. ‘If you accept this valuation and this offer, which is voluntary and very generous, your shares will be purchased at that price and cancelled. This is conditional upon you also signing a document surrendering any rights you may have in law.
‘The purpose of this is to avoid any unnecessary trouble in the future. I think you know that anything you may be considering to try has no chance and you will lose. And you will be left with nothing. The offer will not be open indefinitely. You have five minutes. Think it over.’
It took them a lot less than that. She could see that they had not expected her generosity and they liked it. She could almost see them drooling and licking their lips with their tongue. They had been won over. She had them eating out of her hand. They were nodding like a group of penguins copying each other or a set of dominoes set up in a scheme and now falling.
Elli had already sold company assets worth around seven billion US dollars, which was the amount needed to fund the buy-out of the other shareholders’20 % stake in the company. She and Iraklios together held a combined 80 % stake. She had the authority to sell those assets, even up to such a large amount, according to the company’s explicit and very detailed rules.
She was not obliged by the company’s rules to obtain the board’s approval, nor was she obliged to notify them of the sale, before or after. That is why she was able to do it in secret and well in advance of the meeting. She was quite surprised, though, that none of them even got a whiff of such large sales. Some gossip should have reached their ears. It showed how detached they were from the business world at the very least and, perhaps, the world at large.
It was as if they lived in an extremely protective cocoon. But as she thought that, Elli knew that she was so feared and respected that nobody would dare to say anything or allow anything to leak about those transactions. The vow of confidentiality was sacred and would be respected. It was not just a matter of a reciprocal ‘my word is my bond’ pact.
And even if the buyers were publicly-listed companies, they could not reveal the deals until after this particular meeting. It was all included in the contracts with draconian penalty clauses and a whole array of legal consequences that would have come raining down on them, if they stepped out of line and breached them. And none of those transactions required the approval of the purchasing companies’ shareholders.
Nobody could afford to find themselves on the wrong side of Elli. Let them think or speculate that Valchern may be in trouble. It didn’t matter. As a private company it was not at the mercy of the markets and, furthermore, it was cash rich with ample resources and did not need any credit or loans from any banks that may be reluctant to lend, acting on rumours of financial difficulty, rumours which could though be easily crushed by access to the company’s accounts. And she had engineered a blanket on the media too.
But Manoukios would have none of it. He was not yet convinced. He had to fight his corner. That was exactly what he was, cornered. And those who are cornered become desperate. They don’t think things through and just lunge out and make mistakes. He had to win his rapidly waning support back. He had to make one last desperate effort.
‘With what money?’
‘The money is there. And let me remind you that you have no choice. You and your conspirators went against the company rules, against the best interests of the company and that is a punishable offence. I believe that the sentence or penalty, as you may prefer, is appropriate and it is within the power accorded to me by the rules to impose.’
Manoukios was standing alone and isolated now and he knew it. He finally realised that he had been defeated. He said nothing more and sat down looking at his notepad. He could not believe he had lost. He had been confident it had all been meticulously organised.
How could he have underestimated Elli so much? Maybe he was getting too old, losing his touch. If Elli had heard his internal debate she would have commented: “What touch? You never had any to begin with.”
As it dawned on the other shareholders, and hitherto supporters of Manoukios, that Elli would not be bluffing and could indeed do what she declared and held all the cards, they started to bicker amongst themselves, blaming Manoukios and each other. As a result of this split jury in their mind, they had been outmanoeuvred, had been rendered unable to agree to take any decisive action. Their precariously-and-loosely-held-together pact had proved to be very short-lived indeed. Now, with them out of action for quite a while, Elli was free to pursue her plans for the company.