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Court to rule on Bill Clarke's perks Monday
BY PAUL HENRY Observer staff reporter henryp@jamaicaobserver.com
Friday, July 03, 2009
FORMER Scotiabank boss William 'Bill' Clarke will know by Monday if he will continue to enjoy his multi-million-dollar perks at the expense of his former employer, with whom he is currently locked in a bitter legal battle over the contentious issue of his retirement package.
The Court of Appeal was expected to make a ruling on the matter yesterday but rescheduled the decision as lawyers for Scotiabank had further submissions on Clarke's retirement package.
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| Former Scotiabank president, William 'Bill' Clarke (right) is accompanied by his lawyer, Keith Bishop, as he leaves the Court of Appeal in downtown Kingston yesterday. (Photo: Lionel Rookwood) |
According to court documents, the Bank of Nova Scotia, between November 1, 2008 when Clarke retired and June 29 this year, spent a total of $5,392,200 on four security guards, two housekeepers and two gardeners. The bank has also been covering Clarke's utility bills.
An affidavit filed by the bank shows that between November 1 and June 29, it spent a total of $3,988,760 for four full-time security guards. For the two housekeepers, one an 'executive housekeeper', the bank spent $918,104; and the two full-time gardeners cost the bank $60,667 monthly for a total cost of $485,336.
Clarke went on early retirement from the bank after 40 years, but later took legal action against the institution when negotiations on a retirement package broke down.
The former banker lost in his bid to have the impasse over the retirement package sent to arbitration in the Supreme Court, which ruled that he vacate the Scotiabank-owned home and return the two high-end motor vehicles belonging to Scotia.
Clarke, however, appealed the decision and got a stay of execution, allowing him to keep the vehicles and remain in the house, pending the outcome of his appeal.
Lawyers for Scotiabank told the Court of Appeal on Wednesday that the former Scotiabank boss, who turns 65 in 2015, was last year July asked to go on early retirement based on several "complaints and allegations" against his personal and professional conduct.
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