A former Deutsche Bank executive who’s suing the firm for unfair dismissal is arguing in court that the payments to a Chinese joint venture which got him fired were based on approvals by other top managers in Asia.
Bloomberg News reports that Douglas Morton, who was a managing director in Hong Kong, has alleged in the city’s High Court that senior executives including the co-head of the Asian corporate banking and securities unit at the time approved two lists of deals that formed the basis for revenue sharing payments made to Zhong De Securities Co. in 2013 and 2015, his lawyer at Robertsons Solicitors said.
Morton, 52, is seeking $17m for unfair dismissal in a claim filed with Hong Kong’s labour tribunal in April. He has also filed a separate suit against Deutsche Bank seeking a declaration that he didn’t act improperly in signing off on the payments to Zhong De. Morton, a former co-head of Asia corporate finance, was fired for negligence because of his involvement in two deal lists which allegedly contained false information, according to internal bank documents seen by Bloomberg.
At issue is whether Morton was unfairly singled out over payments totaling $5.1m to Zhong De. Morton alleges the transfers partly stemmed from efforts by senior Deutsche Bank management to keep the joint venture from posting losses for 2012 and 2014, his lawyer said. An internal Deutsche Bank investigation revealed that Zhong De was compensated for at least one transaction it didn’t work on, people familiar with the matter told Bloomberg last year.
To access the complete Bloomberg News article hit the link below: