News
Scotiabank withdraws Privy Council bid in Bill Clarke case
Paul Henry
Thursday, September 02, 2010
SCOTIABANK Jamaica has withdrawn its bid to petition the UK-based Privy Council and has instead agreed to head to arbitration with former executive William 'Bill' Clarke to settle the contentious issue of his retirement package.
The Court of Appeal had on October 2 last year ruled that there was an agreement between the international bank and Clarke — who headed the local arm of the institution — for the dispute involving the retirement package to go to arbitration.
In so ruling, the Appellate Court had set aside a Supreme Court ruling last March in favour of the bank. Scotiabank was also ordered to pay Clarke's legal costs in both courts.
Not satisfied with the Appellate Court's ruling, Scotia decided to take the matter overseas to the Privy Council, the island's final court of appeal. But the bank recently withdrew the motion and has settled on working out the matter through arbitration.
Clarke, as a result of the Appellate Court's ruling, is currently staying in the Scotia-owned house he occupied as the bank's president and continues to keep the two high-end motor cars which the bank had assigned him pending the outcome of any settlement.
Clarke went on early retirement in November 2008 after 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 offered but that too was rejected. Clarke later took legal action — in what turned out to be a bitter 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.
 
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9/2/2010
Good move. Get on with business. You're the number one bank in Jamaica. Now let us see you lead the charge to reduce interest rates so that more small businesses will be born, providing jobs, fostering economic development. I am dying to see this economy REALLY grow.
9/2/2010
Same knife stick goat stick sheep - I shall say no more.
9/2/2010
Finally Scotia has seen the light! He has given 40 years to this bank and left them as # 1. Pay the man what is due to him, no matter the circumstances he deserve every cent.
9/2/2010
This is a loosing cause for the bank, settle and move on.
9/2/2010
well done its only too often these banks take people for fools, Scotia knows they dont have a foot to stand on thats the reason they withday there case from the privy council.
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