Spanish Businessman Made 16.8 Million Out Of Thomas Cook

GRAFFITI COMPETITION: Torrevieja’s Urban Day ended with an explosion of colour Photo credit: Torrevieja town hall

Spanish businessman Manny Fontenla Novoa received pay and bonuses out of the Company totalling 16.8 million pounds between 2007 -2011.

As the travel agency collapsed, many are now looking for reasons why and one area is Board Executives bonus payments.

The most controversial payments were made to the Spanish businessman Novoa who was paid out a whopping 16.8 million pounds in pay and bonuses according to accounts held at Companies house.

This led the company in 2012 to introduce an internal “clawback” measure.

The payments of 16.8 million were paid despite during his tenure saw the company share price drastically crash under his leadership between 2007 and 2011.

His predecessor British Harriet Green herself took home 11 million pounds in pay between 2012 and 2014. She also gave the company a yearly invoice for £80,000 for hotel and travel expenses.

The Insolvency Service has received a letter from Minister Miss Leadsom ordering scrutiny of paid out bonuses and whether any action by Directors has caused detriment to creditors.

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Written by

George Stephens


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