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Bill Clarke, Scotia at it again
BY PAUL HENRY Crime/Court Desk co-ordinator [email protected]
Friday, August 19, 2011
WILLIAM 'Bill' Clarke and the Bank of Nova Scotia Limited (BNS) are again locked in another legal battle, just months after the Canada-based bank reached a multimillion- dollar retirement settlement with the former head of its Jamaica operations.
This time around, Clarke is seeking the winding up of the banking giant's local operations, which has to date failed to make payment of several million dollars in outstanding legal costs that resulted from the lengthy and bitter legal battle over the retirement package.
Clarke's latest legal sparring with the bank comes at a time when<span style="font-weight: bold"> he is also locked in a legal tussle with his ex-wife Gwenetta Clarke, who is seeking disclosure of the detail of the retirement settlement that was reached in June</span>. The two have been fighting over matrimonial property. Clarke has until tomorrow to make the disclosure.
Last week, Clarke filed with the Jamaican Supreme Court a Petition for Winding Up against BNS, asking that the bank be wound up under the provisions of the Companies Act, as it "is insolvent and unable to pay" its debts. "...In the circumstances it is just and equitable that the debtor company should be wound up," said Clarke.
According to the court document, Clarke has since July sought to recover from the bank the agreed legal cost but to no avail. The money became owing after Clarke and BNS reached the settlement. The actual figure of the settlement is said to be confidential. The two went into arbitration after the bank broke off its legal fight and agreed to talk over things with Clarke.
Clarke went on early retirement in November 2008 after serving 40 years with the bank, 13 years of which were spent as president and chief executive officer. He was not due for retirement until December 15, 2015 at age 65. The decision for him to go on early retirement followed a meeting in July 2008 at the bank's headquarters in Canada. Unfounded allegations of misconduct were raised and Clarke was offered a retirement package which he rejected.
An offer of Can$3.7 million was later made to Clarke, but that too was rejected. Clarke later took legal action in what turned out to be a bitter, prolonged court battle in order to compel the bank to honour a previous agreement that the matter go to arbitration to determine a fair and equitable retirement package. On October 2, 2009 the Court of Appeal ruled that there was indeed an agreement between the international bank and Clarke for the dispute to go to arbitration. In so ruling, the Appellate Court set aside a Supreme Court ruling in favour of the bank. Scotiabank was also ordered to pay Clarke's legal costs in both courts.
Not being satisfied with the appellate court's ruling, the bank decided to take the matter overseas to the UK-based Privy Council, the island's final court of appeal. But the bank subsequently withdrew the motion and has settled on working out the matter through arbitration.
As part of the settlement, <span style="font-weight: bold">Clarke will take ownership of the bank's home in which he lived during his tenure as head of Scotia's local operations. In addition, Clarke will be allowed to keep the two high-end vehicles that were assigned to him by the bank</span>.
Read more: http://www.jamaicaobserver.com/news/...#ixzz1VU8jdVQQ
BY PAUL HENRY Crime/Court Desk co-ordinator [email protected]
Friday, August 19, 2011
WILLIAM 'Bill' Clarke and the Bank of Nova Scotia Limited (BNS) are again locked in another legal battle, just months after the Canada-based bank reached a multimillion- dollar retirement settlement with the former head of its Jamaica operations.
This time around, Clarke is seeking the winding up of the banking giant's local operations, which has to date failed to make payment of several million dollars in outstanding legal costs that resulted from the lengthy and bitter legal battle over the retirement package.
Clarke's latest legal sparring with the bank comes at a time when<span style="font-weight: bold"> he is also locked in a legal tussle with his ex-wife Gwenetta Clarke, who is seeking disclosure of the detail of the retirement settlement that was reached in June</span>. The two have been fighting over matrimonial property. Clarke has until tomorrow to make the disclosure.
Last week, Clarke filed with the Jamaican Supreme Court a Petition for Winding Up against BNS, asking that the bank be wound up under the provisions of the Companies Act, as it "is insolvent and unable to pay" its debts. "...In the circumstances it is just and equitable that the debtor company should be wound up," said Clarke.
According to the court document, Clarke has since July sought to recover from the bank the agreed legal cost but to no avail. The money became owing after Clarke and BNS reached the settlement. The actual figure of the settlement is said to be confidential. The two went into arbitration after the bank broke off its legal fight and agreed to talk over things with Clarke.
Clarke went on early retirement in November 2008 after serving 40 years with the bank, 13 years of which were spent as president and chief executive officer. He was not due for retirement until December 15, 2015 at age 65. The decision for him to go on early retirement followed a meeting in July 2008 at the bank's headquarters in Canada. Unfounded allegations of misconduct were raised and Clarke was offered a retirement package which he rejected.
An offer of Can$3.7 million was later made to Clarke, but that too was rejected. Clarke later took legal action in what turned out to be a bitter, prolonged court battle in order to compel the bank to honour a previous agreement that the matter go to arbitration to determine a fair and equitable retirement package. On October 2, 2009 the Court of Appeal ruled that there was indeed an agreement between the international bank and Clarke for the dispute to go to arbitration. In so ruling, the Appellate Court set aside a Supreme Court ruling in favour of the bank. Scotiabank was also ordered to pay Clarke's legal costs in both courts.
Not being satisfied with the appellate court's ruling, the bank decided to take the matter overseas to the UK-based Privy Council, the island's final court of appeal. But the bank subsequently withdrew the motion and has settled on working out the matter through arbitration.
As part of the settlement, <span style="font-weight: bold">Clarke will take ownership of the bank's home in which he lived during his tenure as head of Scotia's local operations. In addition, Clarke will be allowed to keep the two high-end vehicles that were assigned to him by the bank</span>.
Read more: http://www.jamaicaobserver.com/news/...#ixzz1VU8jdVQQ
me juss a spot dis, 
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