Tuesday, April 23, 2024
HomeNEWSINTERNATIONALGARNER HIT FOR £14m

GARNER HIT FOR £14m

Former Norton Motorcycles supremo Stuart Garner has been ordered to repay about £14m he looted from three occupational pension funds under his control, as sole trustee.

A Pensions Ombudsman probe into Garner’s handling of the Commando 2012, Donington MC and Dominator 2012 pension schemes — the entire contents of which he invested into the subsequently bankrupt Norton motorcycle manufacturing concern — has found that his actions were dishonest. And he is now to be held personally liable for replacing this missing money.

In an adjudication, the Pensions Ombudsman found that: “The trustee acted dishonestly and in breach of his duty of no conflict, his duty not to profit and his duty to act with prudence; and the investments made on behalf of each of the schemes were in breach of the trustee’s statutory, investment and trust law duties.”

Garner must also pay £180,000 in damages to the original 30 applicants for determination by the Pensions Ombudsman, for “exceptional maladministration causing injustice”.

BDN first reported on Garner’s Norton pensions scam in its November issue last year, some months before the Guardian newspaper and ITV News claimed an exclusive joint exposé.

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