ZURICH (Reuters) – A former GAM Holding AG executive, who was sacked after allegedly breaching the Swiss asset manager’s rules, said on Friday that he planned to appeal his dismissal, saying he felt he was “unjustly singled out.”

GAM had initially suspended the executive Tim Haywood last July, a move that triggered an investor exodus and a sharp fall in the company’s share price.

The asset manager said on Thursday that Haywood had been fired as it announced a 929 million Swiss franc ($927.42 million) loss in 2018.

Haywood, the ex-GAM manager, said: “I intend to appeal this decision which has been prejudged since the announcement of my suspension.”

“I dispute many of the findings, while noting the majority of the allegations have been dropped,” Haywood said in a statement.

“Meanwhile, I have been made redundant by a process which I also consider to have been run unfairly. This reinforces my belief that my dismissal from GAM was a foregone conclusion, and that I have been unjustly singled out.”

($1 = 1.0017 Swiss francs)

Reporting by John Miller. Editing by Jane Merriman


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