Invesys to settle with former cheif Hendriksson The company's annual report for 2011 reveals a series of payouts "in consideration for a release and waiver of any claims Mr Henriksson might have against the company." Mr Henriksson, whose exit shocked the City in March last year, has already collected £3.7m for his final 12 months at the engineering firm. However, the 2012 report reveals that he still holds an interest-free £312,691 loan from Invensys after he was doubled-taxed on his work in the United States while at the company. The report also said Invensys would accelerate the vesting of 124,491 shares awarded to Mr Henriksson, that it would pay him £50,000 in relocation costs if he got a job in the US before August 31 this year, and would pay some £30,000 in legal fees that Mr Henriksson had accumulated. Invensys would also make a payment "to cover the funding costs of any temporary double taxation," and would be responsible for meeting the cost of any settlement with HMRC regarding tax on the non-business use of company cars and drivers. Sir Nigel Rudd, the chairman of Invensys, drafted in Wayne Edmunds to replace Mr Henriksson. However, problems with nuclear projects in China and a handful of rail projects saw the company's pre-tax profits slump from £222m to £140m in the year to March 31. The annual report showed that none of the company's board received a cash bonus for the year because the "threshold for bonus payment in respect to the financial performance targets was not met."