Ex-Marconi FD sues over pension claim
The ex-finance director of Marconi, the beleaguered telecommunications company, is suing his former employer for a £1.6m pension entitlement.
According to The Times today, John Mayo, who left the company last year after presiding over a catastrophic collapse in Marconi’s share value, has issued a writ at the High Court demanding the money in a dispute over the value of his company pension fund.
His claim comes despite a £1m severance payment, which he received after being ousted in the wake of a severe profits warning in July 2001.
In papers lodged at the High Court, Mayo is claiming the money to cover a tax charge that would be paid if he were to transfer his fund into a separate scheme.