Former airport boss ‘settles for £2m’
24.10.08
The former chief executive of Newcastle Airport, John Parkin, is getting around £2m in a deal to settle a long running bonus dispute, the Chronicle reports. A High Court case involving the airport, Mr Parkin, and the estate of the airport’s former finance director, Lars Friis, who died in 2006, was cancelled this week after an out-of-court settlement was reached.
The case centred around a financial package of around £8.5m paid to Mr Parkin and Mr Friis for their part in brokering a re-financing deal that netted around £160m for the airport’s shareholders nearly two years ago. Mr Parkin, who is now in charge of Leeds Bradford Airport, was to receive nearly £6m, and Mr Friis the rest.
There was a dispute over the money and the airport launched the legal case. However, a deal was struck hours before the case was due to start earlier this week. The terms of the settlement are confidential. However, 'sources' have told the Chronicle that under the terms of the settlement Mr Parkin is expected to get around £2m and the estate of Mr Friis is expected to get around £1.7m.
An airport spokeswoman said: ‘We will not comment on the issue,’ and there was no comment from Mr Parkin when approached by the newspaper either.
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