Newcastle Airport settles with former boss
breaking news from the Journal:
NEWCASTLE Airport and its former chief executive have reached an out-of-court settlement in their £6m High Court case, The Journal can reveal.
The case was due to be heard tomorrow but has been called off after the parties reached agreement today.
It centred around a financial package worth £8.5m, which was paid to Mr Parkin before he resigned from his post last May and to the estate of former finance director Lars Friis, who died in 2006.
He was suspended in March last year, three months after a major re-financing deal which released £80m to the five Tyne and Wear councils and Northumberland and Durham county councils, which between them have 51% of the airport's shares.
Mr Parkin, who went on to take charge of Leeds Bradford Airport, had previously insisted he would clear his name at court.
The High Court confirmed the case has been settled and removed from its listings. Mr Parkin’s spokesman offered no comment to The Journal. The airport has told The Journal it is preparing a statement.