According to the Financial Times, the troubled telecommunications group is believed to be set to pay the benefits in addition to the £600,000 it has already paid to the former director who had expected to become chief executive this year.
The company has stressed it could do nothing about the pension pay out, though it described suggestions that Mayo could have received a benefit of £950,000 as ‘wildly inaccurate’.
Mayo was forced to resign from the telcom equipment manufacturer in the summer after the comapny issued a dire profits warning and announced thousands of job cuts.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements