ATL FRAUD CASE: Surplus announcement to be made
Livern Barrett, Gleaner Writer
A senior executive at the ATL Group has indicated that an announcement to members of its pension scheme about the benefits allocated to their accounts from the 2008 surplus distribution is imminent.
This was part of the evidence given by ATL’s chief financial officer, David Davies, as the billion-dollar ATL Pension Fund fraud trial continued yesterday.
The former chairman of the pension fund, Patrick Lynch; the fund’s former general manager, Catherine Barber; and the former managing director of Gorstew Limited, Dr Jeffrey Pyne, are on trial for allocating $1.7 billion to members of the scheme without consent and using forged letters to justify it.
Davies conceded that his personal pension account grew from $393,932 in 2001 to $25.9 million in 2010.
However, he testified that a part of his allocation from the 2008 surplus distribution was reversed in July 2011.
Davies also conceded, during cross examination, that between 2000 and 2010 several companies within the ATL Group applied for and obtained pension-contribution holidays.
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