Ex-Newcastle Airport boss agrees out of court compensation deal
22.10.08
The former chief executive of Newcastle Airport has reached an out-of-court settlement with his former employer over a £6m High Court case. The case was due to be heard today but was called off after John Parkin reached agreement with the airport yesterday.
The dispute centred around a financial package worth £8.5m, £6m of which was paid to Mr Parkin before he resigned from his post last May ahead of taking a similar role at Leeds Bradford. The remainder was paid to a former finance director of Newcastle Airport, Lars Friis, who died in 2006.
Mr Parkin, who has not commented on the settlement, was suspended in March last year, three months after a major re-financing deal at Newcastle Airport. He has always maintained that he would clear his name at court and has always insisted that he ‘fulfilled his contractual obligations’.
A Newcastle Airport statement said: ‘The trial due to begin on October 22, 2008 will not now take place. Newcastle International Airport Ltd, Mr Parkin and Mrs Friis have reached agreement as to terms of settlement of their dispute.'
‘The terms of their agreement will be subject to a court order to be made in the next few days and are confidential. No further press release or comment will be made by any of the parties regarding the dispute or the settlement.’
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