Bank wins on conflict of interest
The Irish Times – Monday, July 16, 2012
LEGAL UPDATE: BRIBERY, DISHONESTY, breach of fiduciary duty and claims for the forfeiture of salary and bonuses all featured in a decision from the High Court (Chancery Division) in the UK on May 23rd last.
Bank of Ireland and Bank of Ireland (UK) plc were in large part successful in their action against Syed Jaffery, a former head of business banking in the UK who had been summarily dismissed in May 2011, and against Pritpal Gill.
The bank’s key allegations against Mr Jaffery were that he put himself in a position where his personal interest conflicted with his duty to the bank, that he had secret interests in projects financed by the bank’s lending, that he took bribes, and concealed his alleged wrongdoing from the bank. Mr Gill was joined in the proceedings to answer claims of assisting Mr Jaffery in breaches of fiduciary duty and bribery.
The court found Mr Jaffery had a secret interest in one project and was promised….”