Newcastle Airport and ex-boss £6m court battle
02.10.08
A former Newcastle Airport boss is set for a High Court showdown with his old employers in a multi-million pound bonus row, the Chronicle reports. The airport will lock horns with ex-chief executive John Parkin later this month, in a hearing set to last up to 15 days.
The case, which will be heard in the High Court in London from October 20, centres around a financial package worth nearly £6m, which was paid to Mr Parkin before he resigned from his post last May. Soon after his departure from the company, the airport lodged a writ with the Queen’s Bench Division of the High Court, which is protected by a confidentially agreement.
Mr Parkin was suspended in March last year, three months after a major re-financing deal, which released £80m to the five Tyne & Wear authorities and two county councils who hold shares in the hub. The finance was provided through a long-term loan by the Royal Bank of Scotland, which replaced a series of commercial loans entered into in 2001.
No details were provided as to why he had been suspended at the time but five months later, after he had resigned, it emerged he had shared bonuses totalling more than £8.5m, along with former finance director Lars Friis, who has since died. That led to the legal action being taken by the airport.
Mr Parkin, who resigned whilst still suspended to take charge of Leeds Bradford Airport, has insisted he would clear his name at court.
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