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Stuart Garner 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 investigation began after Garner had 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, something the trustee should do within six months, Garner invested the money into the struggling Norton Motorcycles brand.
The investigation onto the scandal was brought about after 30 members of the three schemes made complaints that Garner had also failed to release funds to return the funds to pension holders when they were due.
Last edited by GORDON STREETER; 20 Dec 2020 at 18:16.
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