The noose gets tighter !!!!!

kommando

kommando

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www.theguardian.com

Norton Motorcycles ex-owner ordered to pay back missing £14m in pensions

Stuart Garner denied permission to appeal ombudsman’s ruling on repaying funds
www.theguardian.com www.theguardian.com

The former owner of Norton Motorcycles will be forced to pay back about £14m missing from the company’s employee retirement fund, after being refused permission to appeal a pensions ombudsman’s ruling.

The court’s refusal to entertain Garner’s request to appeal is another blow for the businessman, who appears to have been pushed a step closer to personal bankruptcy.

Norton slumped into administration in January and Garner is already the subject of a personal bankruptcy petition filed by Leicester City Council.

The repayment of the £14m to the pension holders – the vast majority of whom were never Norton employees – had been on hold while the court considered Garner’s request for permission to appeal.
 
I don’t understand everything about big business rules , laws or even loyalty (that I assume many times they don’t care )
if there is money put aside and you assume this is promised to an individual , then it should be put up front and untouchable except for the intended person ?

a friend of mine worked as pilot for about 35 years , dedicated himself to Delta Airlines . He took an early retirement buyout , then had his promised pension . Then Delta declared they would go into some kind of recievership .
Short story here is that his pension was cut in 1/2 , delta back or stays in business . Little guy losses again .
maybe I think that way because I am a little guy that has been self supporting all my life .
 
kommando said:
www.theguardian.com

Norton Motorcycles ex-owner ordered to pay back missing £14m in pensions

Stuart Garner denied permission to appeal ombudsman’s ruling on repaying funds
www.theguardian.com www.theguardian.com

The former owner of Norton Motorcycles will be forced to pay back about £14m missing from the company’s employee retirement fund, after being refused permission to appeal a pensions ombudsman’s ruling.

The court’s refusal to entertain Garner’s request to appeal is another blow for the businessman, who appears to have been pushed a step closer to personal bankruptcy.

Norton slumped into administration in January and Garner is already the subject of a personal bankruptcy petition filed by Leicester City Council.

The repayment of the £14m to the pension holders – the vast majority of whom were never Norton employees – had been on hold while the court considered Garner’s request for permission to appeal.
Click to expand...
Not surprised about the courts court's refusal to SG, he had broken the pensions rules numerous times in the past and was told that as CEO he could not be a pensions trustee for Norton at the same time.
His antics of useing other peoples pensions has come back to haunt him.
Since Norton was wound up, he transferred his wealth to his wife's name, but little does he realise that there is an unexplained wealth law that has been passed, and, as they both haven't got an honest bone between them, they could lose all the wealth that they have accumulated.
Like that woman who spen £16 million in Harrods, she has lost her court case and legal battle- her husband is locked up in Azerbaijan on bank fraud charges.
 
I’m not normally a malicious type, but it’s very difficult to garner any sympathy for SG under the circumstances.

(little garner pun intended !)
 
1. He will be made bankrupt, maybe from another direction.
2. Why do you think he appealed - failure to pay back a pension fund does not come with just a bankruptcy.
 
Madnorton said:
1. He will be made bankrupt, maybe from another direction.
2. Why do you think he appealed - failure to pay back a pension fund does not come with just a bankruptcy.
Click to expand...
As someone who has been retired for two years the thought of an unscrupulous cove stealing my pension pot is unimaginable.It’s not just me and my dreams what about wives and families.
You can’t put a price on a person’s future.
Forget the past and what he has done for Norton...
He needs to pay up then go straight to jail.
 
Stealing an Elderly persons life savings should add another level of punsihment.
 
The really disgraceful thing here, apart from the actual wrongdoings in this case, is that it was ever even allowed to happen.

After the Maxwell Mirror Group pensions scandal many years ago, the law was supposedly changed in the UK to make pensions ringfenced & protected from crooked business owners.
 
Deano said:
The really disgraceful thing here, apart from the actual wrongdoings in this case, is that it was ever even allowed to happen.

After the Maxwell Mirror Group pensions scandal many years ago, the law was supposedly changed in the UK to make pensions ringfenced & protected from crooked business owners.
Click to expand...
Was he pushed or did he fall?
 
I not malicious either FE but I am surely revengeful , I know 2 wrongs don’t equal right , but not only should sg pay all back ,but suffer as bad or worse than the folks & families he stole from period .... nothing else works .... I am so fortunate , I decided to wait to see how things went before jumping in with both feet , over here the cost of a new Norton would have involved dipping into $ put away for later .... lucky , not happy this how things played out ...
 
Let’s hope the courts apply some justice. He was pretty entangled with the British government though. Any jail sentance will be big news and shine further light on the lack of oversight shown by the government, whilst they were showering Norton with publicity and large amounts of money!
 
Stephen_Spencer said:
Let’s hope the courts apply some justice. He was pretty entangled with the British government though. Any jail sentance will be big news and shine further light on the lack of oversight shown by the government, whilst they were showering Norton with publicity and large amounts of money!
Click to expand...
You are correct as far as I can remember . I don't know what will happen probably nothing much hate to say. Remember the academy , the prince , another govt official was there ? The UK government may be at fault for allowing this to happen in the first place. Garner will be blamed , and if the money is truly gone the the UK tax payer may be used to bail it out. Its not too far fetched especially if the UK Govt looks bad for this . This is what would happen here !!! After reading how long ago SG actually had the Pension money control ; I wonder if that money was used to help build my 961 ?
 
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( ) [ GALLOWS. ... NOT RIDING.....BORED.....Happy Christmas and holidays
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Deano said:
The really disgraceful thing here, apart from the actual wrongdoings in this case, is that it was ever even allowed to happen.

After the Maxwell Mirror Group pensions scandal many years ago, the law was supposedly changed in the UK to make pensions ringfenced & protected from crooked business owners.
Click to expand...
It’s different, as it wasn’t a pension fund for Norton company employees: it was a fund that friends of his were running, dubiously, and he got them to loan Norton some of that money. Regulators don’t keep an eye on that level, or even much bigger funds, BEFORE something goes wrong.
 
jan nelder said:
It’s different, as it wasn’t a pension fund for Norton company employees: it was a fund that friends of his were running, dubiously, and he got them to loan Norton some of that money. Regulators don’t keep an eye on that level, or even much bigger funds, BEFORE something goes wrong.
Click to expand...
The rich get richer and the poor, law abiding citizen, gets screwed. Same old same old!
 
jan nelder said:
It’s different, as it wasn’t a pension fund for Norton company employees: it was a fund that friends of his were running, dubiously, and he got them to loan Norton some of that money. Regulators don’t keep an eye on that level, or even much bigger funds, BEFORE something goes wrong.
Click to expand...
That's my whole point really! It's disgraceful that these loopholes exist such that they can be exploited using people's pension funds. Until the legislation is robust enough in covering all aspects of pension fund investment this sort of thing will sadly continue.
 

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