Ex-Norton CEO ordered to repay £14 million
The former CEO of Norton Motorcycles, Stuart Garner, has been ordered to repay approximately £14 million to three pensions funds he controlled in a ruling by the Pensions Ombudman.
As the BMF has previously reported, Mr Garner failed to appear at a public hearing held by the Pensions Ombudsman on February 13th to investigate complaints made about the three pension schemes – the Commando 2012 Pension Scheme, Donington MC Pension Scheme and Dominator 2012 Pension Scheme – which were affected by the collapse of Norton. It is understood that money belonging to more than 200 savers was lost.
The Pensions Ombudsman upheld a number of complaints, and ruled that Mr Garner “acted dishonestly and in breach of his duty” and that maladministration had occurred. He was ordered to pay the money back with interest, and payments to recognise the “distress and inconvenience” of the applicants who brought the complaints were also ordered.
This is not the first ruling the Pensions Ombudsman has made regarding Mr Garner. In an earlier ruling about the Commando 2012 pension scheme, the Ombudsman sharply criticised Mr Garner as being in “dereliction of his duties as trustee” and said that “I find his behaviour inexcusable.”
Norton Motorcycles is now under new management after being sold to the Indian motorcycle giant TVS.
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