Stuart Garner has to repay £ 14million

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Stuart Garner has to repay £ 14million
Alan Cathcart

Stuart Garner has to repay £ 14million

Stuart Garner has to repay £ 14million

Stuart Garner has to repay £ 14million

Stuart Garner has to repay £ 14million

10 pictures

Stuart Garner has to repay £ 14million
Norton

1/10
Norton presented an SS version of the new 650 supersport machine in 2019.

Stuart Garner has to repay £ 14million
Norton

2/10
It was limited to 50 copies at the time and has extremely high-quality equipment – but then never came.

Stuart Garner has to repay £ 14million
Norton

3/10
The frame and swing arm are made of carbon.

Stuart Garner has to repay £ 14million
Norton

4/10
Your two-cylinder is combined with a supercharger.

Stuart Garner has to repay £ 14million
Norton

5/10
It should come in May 2020, but without approval. Patent drawings that have now emerged give hope for a fresh start.

Stuart Garner has to repay £ 14million
Norton

6/10
It’s easy to see the engine as a supporting element of the carbon frame. The centrifugal compressor is obviously supplied with air from both sides of the front, with one air flow flowing into the compressor, while the other air flow is probably used for cooling.

Stuart Garner has to repay £ 14million
Norton

7/10
At air inlet # 4, the air seems to be sucked in for compression in compressor # 13 and fed to the mixture preparation via airbox # 121. The air in channel # 105 is called COA, which could mean something like cooling air. This is then used to cool the compressor and left out under the seat as HCOA (Hot Cooling Air).

Stuart Garner has to repay £ 14million
Norton

8/10
Thanks to the angled cylinder head, the compressor and airbox are well above the crankshaft directly under the tank. This should explain the need for additional cooling of the compressor, which has no direct contact with the airstream.

Stuart Garner has to repay £ 14million
Norton

9/10
Nice to see the air flow of the compressor’s cooling pleasure, which is picked up via the fairing and released again under the rear. It could also be used to discharge the blow-off of the compressor.

Stuart Garner has to repay £ 14million
Norton

10/10
The section from the back shows the elaborate air duct from the front to the compressor and the exhaust air from the cooling to the rear. The design suggests that the tank is under the seat, but from this perspective, there seems to be enough tank volume.

counselor

traffic & business

Stuart Garner has to repay £ 14million

Court convicts ex-CEO Stuart Garner
Repayment of £ 14 million misappropriated pounds

Now cracked in court: Stuart Garner, ex-CEO of Norton Motorcycles, has now also been sentenced by English courts to repay the missing £ 14 million from Norton’s pension fund.


Jens Kratschmar

December 29, 2020

As early as the summer of 2020, Garner was asked by the supervisory authority of the English pension funds to repay the money which, as the administrator of three pension funds, he had invested obviously wrongly and, as the top pension custodian in England makes it sound, also dishonestly and in disregard of common business practices.

And here comes the clue: Garner hadn’t invested the pension money firmly and securely as usual, but diligently in it Norton self invested. £ 14 million in deposits went so flute when Garner had to raise his hand in early 2020 and Norton went bankrupt.

TVS doesn’t exactly stand for that

New owner of Norton Motorcycles, the Indian TVS has nothing to do with this incident, as Garner legally acted as fund manager neither in the name nor on behalf of his former company, but is personally liable for the 14 million. Fun fact: TVS paid £ 16 million for Norton, so only “little” more than Garner now has to pay to investors.

Garner probably broke himself

British media indicate that Stuart Garner himself has probably filed for personal bankruptcy. What remains of the former empire of the island’s fireworks king, with a chain of shops and a company for baby equipment and lush lands, seems questionable.


Stuart Garner has to repay £ 14million


Alan Cathcart

Stuart Garner, Norton’s CEO from 2008 to 2020, has now been sentenced to repayment of £ 14 million. He’d invested the money from self-managed pension funds in Norton and lost it all.

Norton workers not directly affected

Pension funds are widespread in England. Anyone can invest in funds, as it were by converting salaries to supplement the state pension. But that does not mean that only Norton employees can or must pay into a Norton pension fund. Everyone can decide for themselves, or let banks or insurance companies decide where to invest. “Long term” and “secure” but are basic prerequisites for generating returns over the years through the investment.

A scandal in England

The sticking point in the case of Norton: Due to the comparatively low investment volume, the Garner funds were only subject to low supervision, which of course opens the door to unfair deals. The Causa Garner has been causing major discussions and demands in England since the summer to revise the fund system, significantly strengthen the monitoring of smaller funds and redefine guidelines.

Conclusion

Let’s summarize: A man sets up funds, gives them names – linked to the company whose CEO and owner he is. Most of the money he has paid in is invested in his own company, which unfortunately never generated a return, but pays him a princely salary. This same company goes bankrupt, the pension funds burst. The ex-CEO is privately cracked up to repay the money that was obviously knowingly wrongly invested. The ex-CEO himself is broke, despite the company empire.

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