Flemish banker gets 12.5 million in redundancy pay

The Belgian banker Raphaël Geys, who worked for the French bank Société Generale, is to receive a 12.5 million euro redundancy payment. The Belgian banker took court action in order to obtain the settlement and improved an earlier settlement worth 7 million euros.

Raphaël Geys worked for Société Generale in Britain. In November 2007 he was unexpectedly sacked. The Flemish banker was initially awarded 7 million euros in redundancy pay, but claimed procedural mistakes had been made and took the matter to court.

Following years of action in English courts a judge has now ruled in his favour. The Flemish banker can also count on the payment of several fines that should take his lump sum to around 20 million euros.

The English judge said that the bank failed to understand the contract that it had drawn up.

This is probably the highest ever redundancy payment for a Belgian banker. Last August the former Fortis CEO Gilbert Mittler received 4 million euros.