The 47-year-old said handing over £5,000 in compensation and paying the legal bills of former employee Mark Gilbert ‘stuck in his throat’.
But, possibly faced with an even larger bill had he gone to court, Mr Cremer settled.
‘He stole from me yet he is the one who is walking away with the money. It makes me so angry,’ said Mr Cremer.
‘I think it’s absolutely disgusting that he was even able to sue me after he had stolen from me, to be honest.
‘I don’t want to give him a penny after what he did, so it really sticks in my throat,’ he added.
Gilbert started legal action against his boss for loss of earnings and for the distress and psychological help he needed after the incident in 2008.
The 40-year-old was frogmarched to a police station in Witham, Essex, with a sign around his neck after admitting cashing a company cheque for £845 at a local Cash Converters.
Police gave him a caution but warned his boss he faced prosecution for false imprisonment.
Speaking after the incident, Gilbert said he feared he was going to be killed as he was bundled into the back of a van.
He said: ‘They laid into me, they beat me, I was begging Simon to let me go to the police, they said they didn’t trust me and they had to tie me up. They were punching me and threatened me with various tools.’
The case against Mr Cremer was ultimately dropped.
A civil case was due before a court this week but has now been settled.
Mr Cremer has had to pay £5,000 in compensation and £8,000 court costs, saying going through with a trial could have bankrupted him.
Gilbert has since moved away from the area.
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