Former CEO Of Norton Motorcycles Ordered To Repay Pensions

The Pensions Ombudsman in the UK has directed former Chief Executive Officer of Norton Motorcycles, Stuart Garner to pay back around 14 million GBP from the retirement funds he was the trustee of. The Pensions Ombudsman, an independent organisation set up by law to investigate complaints and disputes about pension schemes, ruled that Garner was 'dishonest' in his running of the schemes following a lengthy investigation. Garner, who acquired the classic motorcycle brand in 2008, had been under investigation following claims brought initially by 30 members of three retirement funds he set up and ran, that he had repeatedly failed to return their funds when they were due.

Also Read: Former CEO Of Norton Motorcycles Under Investigation

norton dominator

The Norton Dominator follows a classic cafe racer design with modern components and a 961 cc, parallel-twin engine

The report states that Garner "acted dishonestly and in breach of his duty of no conflict, his duty not to profit and his duty to act with prudence." The report further added that Garner had "breached his statutory duties to have in place adequate controls to manage conflicts of interest and ensure the effective administration of the schemes."

The investigation into the scandal began after Garner failed to transfer funds to the Commando 2012 Pension Scheme, the Donington MC Pension Scheme and the Dominator 2012 Pension Scheme. Instead of releasing the funds into the schemes, which is required of the trustee by law to do within six months, Garner invested the money into the struggling Norton Motorcycles brand.

pp5qneo

Norton Was supposed to introduce a new 650 cc engine platform with the Norton Atlas Nomad and the Norton Atlas Ranger

In addition to repaying the pensions, the Pension Ombudsman also ordered Garner to pay 6,000 GBP to each of the 30 original applicants, totaling 1,80,000 GBP, "in recognition of the distress and inconvenience caused to them by the trustee's exceptional maladministration." In all, 228 people were left without retirement savings. Initial investigations revealed that elderly British pensioners invested their life savings in the funds back in 2012 and 2013 into three separate pension funds.

Also Read: Norton Motorcycles Faces Collapse After Going Into Administration

631el74s

The Norton SG6 race bike is based on the Norton V4 RR road bike developed under Stuart Garner's leadership

Stuart Garner ran Norton Motorcycles from 2008 until the company went bust in January this year, after going into administration. In April 2020, India's TVS Motor Company acquired Norton Motorcycles in an all-cash deal of 16 million GBP. Founded in Birmingham in 1898, Norton Motorcycles is among the most popular British motorcycle brands of all time, along with Triumph, BSA and Royal Enfield, which has been under Indian ownership for quite sometime now.

Also Read: TVS Motor Company Acquires Norton Motorcycles

Under TVS ownership now, Norton Motorcycles has retained 55 members of its staff when TVS acquired and has already started hiring, to increase the headcount by 25 per cent. Apart from engineering and operations roles, Norton will also be looking at expanding its workforce across sales, marketing and service. TVS also intends to establish the Norton brand as a truly global brand, using the parent company's global network.



from CarandBike - Latest News

Comments

Post a Comment

Popular posts from this blog

Harley-Davidson Streetfighter Spotted In Flesh For The First Time

Image
Harley-Davidson unveiled a range of new motorcycles last year that included an adventure tourer, streetfighter and Custom range. This, along with the LiveWire electric motorcycle defines the new-age 21st century offerings from the manufacturer as it taps into newer markets and caters to an evolving customer base. Now, giving a glimpse of the new models out in the open, the new Harley-Davidson Streetfighter was spotted in the prototype version at what seems to be a trade show in the US, giving a good glimpse at motorcycle looks like in flesh. While board says 'Styling Prototype', the production-spec version of the Streetfighter is likely to stay identical to the model showcased here. In addition to the Streetfighter, the Pan America was also showcased at the same event. The production spec versions of both bikes could be unveiled at EICMA this year. Also Read: Harley-Davidson Livewire To Be Unveiled In India In August The Harley-Davidson Streetfighter is a completely new mot
Read more

Brixton 1200 To Rival Triumph Bonneville T120

Image
A 1200 cc modern classic with similar design lines as Triumph's iconic Bonneville series, has reportedly been cleared for production. The bike was showcased as a concept at last year's EICMA motorcycle show, and from the looks of it, this is a model developed in China with the Triumph Bonneville T120 in its sights. The Brixton brand though is part of Austria's KSR Group, which imports bikes from several Chinese manufacturers, including CF Moto. And while the new Bonneville rival will be manufactured in China, the design and engineering has been created at KSR's design centre in Krups, Austria. Also Read: Triumph Bonnville T120 First Ride Review The Brixton 1200 cc motorcycle has not been named yet, or a launch timeline announced So far, the company has not committed to a launch date yet, but says that it will eventually make it to production. And from the looks of it, that may well be sometime later this year, maybe even at the EICMA 2020 show in Milan, Italy, in
Read more

Zongshen Cyclone RX6 Based On Norton 650 Nearing Completion

Image
While there still doesn't seem to be a buyer for iconic British brand Norton Motorcycles which went into administration in January this year, the firm's 650 cc parallel-twin seems to be finding life in China. While Norton apparently sold off the engine rights of its 961 engine to China's Jinglang just before the brand went into administration, the deal for the 650 cc engine was finalized way back in 2017 with Chinese giant Zongshen. The 650 cc parallel-twin engine was due to be used in Norton's Atlas and Superlight models, but now it looks like that engine platform will make its debut in a Zongshen motorcycle, called the Cyclone R6. Also Read: How Much Is Norton Motorcycles Worth Now? One of the patent designs shows the Cyclone RX6 with full touring accessories and luggage Two prototypes fitted with the 650 cc parallel-twin engine were shown in China late last year, on the Zongshen Cyclone RX6 adventure bike and the RX6 sport tourer. Both bikes used Zongshen-made
Read more