Traders To Receive Pay-Off After Decision That Could Have Wrecked Their Careers

Money On Hook

ABN Amro was told by an Amsterdam court to pay $1.41m in compensation to two bankers it fired after an oil-trading company complained the executives had sought a bribe.

ABN didn’t offer sufficient evidence to justify immediately dismissing Bruno Gremez, the global head of energy commodities, and a subordinate, Samir Kasmi, according to a June 10 ruling of the Amsterdam Subdistrict Court obtained by Bloomberg News.

'The consequences of the allegations for Gremez and Kasmi are considerable', Judge Monetta Ulrici said in the ruling. 'Gremez and Kasmi have become tainted in the market in which they operated, while both had a nice career ahead of them'.

Under the judgment, known as a preliminary relief ruling, ABN has to pay their salaries until their contracts end later this year. The bank also has to pay $1.03m to Gremez and $392.3m to Kasmi, the chief of energy commodities for the Middle East, North and East Africa and south Asia, according to a separate ruling on the same date.

ABN Amro said in an e-mailed response it will only have to pay if subsequent proceedings confirm the dismissals were improper.

Hit the link below to access the complete Bloomberg article:

ABN Told by Court to Pay Fired Energy Bankers $1.41 Million

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