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Daily Dispatches: court tells RBS ‘you can’t fire someone you’ve already retrenched’

The day the Royal Bank of Scotland retrenched its trader, Mr Scott Cousins, it found out that he had sent e-mail messages containing confidential bank data to his personal e-mail account. RBS fired him 11 days later – and withdrew his $455k retrenchment package. Unhappy with the decision, Cousins, represented by lawyer Kevin Lim from Wee Swee Teow & Co, took the bank to court and convinced the High Court that the bank had no right to do so. In a judgment released yesterday, Judicial Commissioner Steven Chong agreed, pointing out that RBS cannot sack someone whom it had already retrenched earlier. (Asia One)

Singapore state investor Temasek Holdings says Michael Dee, a senior managing director, will step down from his current role on April 30, less than two years after he joined the company. (Reuters)

ANZ Bank is looking for a buyer for its 10 per cent stake in Vietnam’s Sacombank, an executive at the Vietnamese bank said. (Reuters)

A former Macquarie banker, under investigation by the Australian Securities and Investments Commission for insider trading while he ran a A$4.45bn fund, appeared for sentencing yesterday after pleading guilty to contempt of court. During the hearing yesterday in the NSW Supreme Court, it emerged that Oswyn de Silva had attempted to flee Australia to return to his native Malaysia to seek “urgent medical treatment”, that he had abused cocaine, was HIV positive, was suffering from depression and panic attacks and had tried to harm himself last month. (Daily Telegraph)

UBS splashed out more than 100 million Swiss francs in salaries and bonuses for its top executives last year, roughly 10 times the amount it paid in 2008 when the bank needed government aid to stay in business. (The Australian)

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