The former president of Leeds Management Group is suing his ex-employer for wrongful dismissal and breach of contract, claiming millions of dollars in damages.

Nitin Aggarwal incorporated Leeds Management Services Limited in 1993 to provide accounting and administration services to the offshore hedge fund industry. Five years later Leeds Management was a successful and well-respected business centred in Bermuda, incorporating other companies in the British Virgin Islands and the Cayman Islands.

In 1998 Mr. Aggarwal sold the company to Dundee Bank, a bank registered in the Cayman Islands but wholly owned by Dundee Bancorp Inc., a public company listed on the Toronto Stock Exchange. Mr. Aggarwall remained on as president under a share purchase, profit participation and employment agreement.

Then, he alleges he was abruptly terminated last year without notice or cause of any kind.

"I am disappointed that the Dundee Bank would choose to terminate my position, particularly in the manner they did, on 30 December 2002, one day before a substantial payment under the profit participation plan would have crystallised," said Mr. Aggarwal.

"I was especially surprised as senior management of Dundee had never expressed any dissatisfaction with my performance or the company's results."

Mr. Aggarwal is represented by lawyers at Marshall, Diel & Myers. Timothy Marshall was unavailable for comment last night, however, as he is off the Island and will not return until April 11.