More than 200 workers were affected by the moves by Stuart Garner, Norton’s previous owner. Although Norton is now a completely different company, thanks to investment from TVS, which saved the brand and manufacturing and is modernising, the years before his move were a complete disaster.
So much so that after the fraud, Garner was required to pay 14 million pounds, although it declared bankruptcy, leaving its workers without any help. Now, as reported by The Guardian, the Fraud Compensation Fund has made a payment of 9.4 million that will go directly to the victims.
In fact, the fund made the payment during the month of March, but those affected have not started to see the money in their accounts because during all this time the trustee in charge of everything has been calculating how much each of the more than 200 victims of fraud is entitled to.
Those affected by the fraud will not recover all their money
As is often the case in these cases, although they will now recover money lost due to fraud, it is only a part and they will not recover everything lost. One example is that of Billy Wallace, aged 59, who will recover 33,000 pounds, although it is estimated that his pension fund would have been around 60,000.
Although it may be a half-victory, at least there is the consolation of knowing that they have not been left completely helpless against fraud and, also, we know that since TVS bought Norton things are changing for the brand.
So much so that unlike the previous owner, it is estimated that an investment of around £100 million has been made, which has led to the creation of between 250 and 300 new jobs in the West Midlands area.
