Romar CEO Takes Back Control of Highly Creative Design and Production Business
President and Chief Executive Officer of The Romar Group, Inc., a 100 million dollar Los Angeles based company, said today, "It is necessary to take back day to day control of Romar in an effort to build a more productive and efficient business."
Don Polk, majority shareholder, who worked very hard for over 26 years to parley his experience to build a company whereby shareholders, investors and associates could be proud to be associated, was stunned and appalled to learn about the awful dishonesty, contempt and mischaracterization of Romar's current management team, executive committee and Don Polk.
Polk, who sits on Boards of three of the most powerful civil rights and political organizations in the world, has been an advocate and champion for fair treatment of employees and communities both domestically and abroad.
Mr. Polk said, "It is my philosophy and Romar's policy that we must inspire and instill hope and positive empowerment not inferiority and despair."Romar's shareholders and investors have asked for an investigation of accusations made by a recent unknown group of presumably ex-employees, that Romar management mismanaged funds, mistreated employees, inflated numbers and intentionally issued bad checks.
Preliminarily, the presumed ex-employee claims are grossly misstated, exaggerated and unfounded.
Romar's combined sales and interest for Romar US and Romar International are almost 100 million dollars.
Romar operated business on very low margins, with hopes to increase its overall revenue and profits through its design studio, advertising/ marketing agency and off-shore production business.
Romar's investigation also revealed that many of its ex-employees were involved in outside businesses that conflict with Romar's business units and interests, although each employee signed confidentiality and non-competing agreements.
Some ex-employees were operating their businesses while they worked at a Romar office; and collected higher than market salaries of 75,000 to 415,000 annually, health benefits and expense accounts.
It was also discovered that some of Romar's managers possibly compelled staff to perform duties for their outside businesses, paid unauthorized vacation pay, theft of equipment, used Romar resources to manufacture products for their own benefit and created fictitious businesses and generated invoices while Romar paid for them."I trusted many of our employees to run operations day to day.
To add insult to injury, some of these "nameless and faceless" people are part of a payback Romar scheme to distribute or circulate erroneous information." said Polk.These practices and other problems created a temporary set back for Romar.
Romar's accounting department was a separate unit of long time accountants located in Woodland Hills, California.Romar accountants role have been to keep the books, issue payroll checks, pay vendors and suppliers and pay all applicable tax.
Apparently, Romar's accountants failed to pay a small portion of its payroll tax roughly 180,000 out of one million dollars.
Consequently, through further accountant negligence of failed payments and penalties, a lien was place on Romar's account at Manufacturer's Bank unknown to Romar's managers; and New Jersey accountants who handle the main financial business of Romar's shareholders/ investors.
After Romar's accountant's agreed to pay its tax, a "surprise" lien was placed on Romar's account at Manufacturers Bank which left Romar, who was already experiencing cash flow problems, with four depleted accounts.
Payroll and expense checks were returned to employees from their banks. Bank checks were issued.
Romar's New Jersey certified public accountants have made arrangements with the IRS to pay back tax."If any current or ex-employee of Romar or companies where checks were cashed are owed monies and we can verify the information, we would be more than happy to make necessary arrangements to we pay what owe", said Gerry Pavo, accounting department.Romar financed and finances its businesses mainly through private funding from its multi-millionaire shareholders.
Romar shareholders/ investors will continue to support its businesses and are expected to increase Romar's budget by five million in 2005. "Romar is a unique organization and private.
Maybe we are too private and should communicate better with employees and the public." says Polk.Please contact us at e-mail protected from spam bots if you have questions or visit, www.romargroup.com.
You may also contact Romar's general counsel and/or labor attorney by appointment.Contact:
Linda Haithcox213-621-4403.
Safety Incentive Programs
Almost every organization is faced with the necessity of laying off employees for lack of work. Some layoffs are temporary and are expected by employees because of the nature of the job. These layoff can be planned for and may not be serious. In contrast, a change in operations or decline in business necessitates permanent layoffs. All of these involve employee separation from the organization.
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Keeping Track of Employee Time Has Never Been Easier
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National PEO, LLC Addresses Heightened INS Regulations
Payroll > National PEO, LLC Addresses Heightened INS Regulations
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Payroll San Francisco Bay Area Entrepreneurs Debut Line of Dress Watches at World Music Awards 'YoungBlood Timepieces, Inc.' watches Romar CEO Takes Back Control of Highly Creative Design and Production Business
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Payroll Romar CEO Takes Back Control of Highly Creative Design and Production Business
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