Saturday, December 17th, 2022, 5:48 pm
Sirius Open Source Sinking in Debt
Filed under: 2018 and 2019:
2019 and 2020:
2020 and 2021:
Growing debt, no money left in the bank.
Summary: When the founder of Sirius ‘Open Source’ divorced his wife a new company was formed, almost cashless; there was a lot of debt, but workers could not ask about it
TRUTH be told, the state of Sirius has not been good for years, but treatment of staff worsened a lot after management had changed. Then, there was a tendency to blame staff for failures, even if and when the failures were attributed to actions at the very top. Below we present part 2 of the relevant section of the report. As shown above, as the years went by the company was running out of money and out of time (way too much debt). These figures are all in the public domain. The lesson of the story is, desperate companies may resort to bullying, and the bullying would then be directed at anyone but the management.
The company had not shared with us financial information or contract details (amounts of money) in about half a decade. Financial statements are publicly available, however, in the public domain.
Apparently there was something in the wiki when the CEO’s ex-wife was around, but it’s all gone now. Is the company heavily indebted to a bank? According to the latest statement, the company is very, very deep in debt. Notice witness in the financial documents of the bank: the office manager. Even at that point the company understated the severity of the situation as debt grew every year despite a significant cut in the number of salaried staff. Some names/signatures are rubbed off, but maybe those aren’t relevant. The CEO’s ex-wife is not listed in some of the recent documents. One is left guessing aimlessly. Transparency would be much appreciated.
The office manager refused to tell Roy why the CEO had relocated or was based in the US and was repeatedly evasive when Roy asked. Workers were not told why the company changed registration (like a new company minted; new contracts needed to be signed), so some speculated that post-divorce ownership may have been a motivation. Those were dark times for the company with many questions hanging and an absent CEO, at one point showing up in a rib shirt for a company meeting online. This felt rather inappropriate.
Those observations may not be pleasant to see or hear. But those are very important and they hopefully help explain a certain change in attitude. For instance, the company’s use of Slack probably violates privacy law associated with some of our clients, never mind our own. We are aware of several colleagues who may have left due to management being rude and unpleasant.
The harshest bit was, after key colleagues had left the bullying from management intensified, taking out frustration on the wrong people. For instance, Roy and Rianne were sent to be interrogated. The HR agency that interrogated Roy and Rianne (this lasted for nearly 3 hours!) totally sided with Roy and Rianne and asked important questions about the management; the HR people urged Roy and Rianne to keep record of everything and assumed this thing was likely politically-motivated (or similar). In other words, this backfired spectacularly on the accuser and moreover cost the company a lot of money, never mind the moral damage. No clarify or apology was consequently issued to Roy and Rianne. The accusers were not punished this this misuse of company budget and one remains on the payroll to this day. What are decent people supposed to expect from a company that treats veteran (long-time staff) like that? By that time, Roy had been in the company about 5 times longer than the principal accuser. Roy was encouraged by HR to keep documentation for self-defensive purposes, as per this document.
