Legal advice on Powerscreen bonuses

 

The remuneration committee of Powerscreen International, the Dungannon, Co Tyrone-based engineering company, is taking legal advice on the £855,000 sterling performance related bonuses paid to three former directors.

Mr Shay McKeown, former chief executive, Mr Barry Cosgrove, former finance director and Mr Patrick Dooey, former sales and marketing director, each received £285,000 in performance bonuses, according to the group's annual report. These were paid early in the year to March 31st, 1998, in respect of the 1996/97 financial year.

Accounting irregularities at some subsidiaries, mainly at Matbro, led to a £26.2 million sterling adjustment to the 1997 accounts. A note with the accounts said the committee was taking legal advice and considering the effect of the prior year adjustments "on these bonuses". The three former directors received total remuneration (including pension contributions) of £2.1 million between them in 1997/98.