National Commercial Bank - file photo
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Paul Stewart, President of the NCB Staff Association
After a near 15 year legal battle, the NCB Staff Association has scored a major victory in court against the Bank over its failure to pay staff a share of the profits declared at the end of the financial year in 2002.
National Commercial Bank has a formula agreed with the Staff Association to trigger whether or not there would be profit sharing.
However, according to Paul Stewart, President of the Staff Association, in 2002 the Bank declared that the formula had not triggered, although the staff's own calculations found it had.
Mr. Stewart said the matter was challenged, and the lengthy legal battle culminated with the court ruling on Thursday that the Staff Association was correct and that "as claimants we had to be paid the amount that was due."
More than 2,000 NCB employees who were on staff at September 30, 2002 are set to benefit from the payout.
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