NORTON’S FORMER DIRECTOR STUART GARNER IS HEADING TO COURT
GARNER IS GOING TO HAVE TO ANSWER QUESTIONS AS THE PENSIONS REGULATOR INVESTIGATES HIS ALLEGED ACTIVITIES
The Norton pensions drama rumbles on as erstwhile owner and director of Norton motorcycles, Stuart Garner is going to be called to account for the alleged pension scheme fraud. Garner was ejected from Norton in February 2020, after allegations were made about the illegal handling of pension funds received from 227 pension scheme members.
Garner has been accused of using money from three pension schemes for which he was the sole trustee. These were the Dominator 2012, Donington MC and the Commando 2012 and it is claimed that he used the money invested in these schemes to plug gaps in Norton’s finances. This meant investors were unable to access their own money as it was in use to prop the company up. It is claimed that Garner invested more than the Employer Related Investment’s legally permitted 5% company market value.
If he is found guilty of the charges, he could wind up in gaol for up to two years or face a hefty £50,000 fine.
Since he has been called to account, Garner has withdrawn from the public eye, as some alleged working practices have emerged which don’t bear scrutiny. It is claimed that Norton motorcycles brought in for servicing by their owners were having parts taken out to be used on new models, as the company couldn’t afford to buy new parts for the new models! Really shocking if true.
TVS motors, the current owners of Norton, have done some quality control checks on the motorcycles built during the Garner era of 2019 and found some to be unroadworthy. This has led to them recalling the V4SS due to safety concerns.
All in all it has been a tale of woe for Norton under Stuart Garner, but one which promises to be sorted out now as Garner is held to account and TVS Motors take Norton forward into what many hope will be a much better future.
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