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Nortel's former boss wants $12m pay off

Karl Flinders

Nortel's former CEO Mike Zafirovski is trying to get millions of pounds from the insolvent networking equipment maker.

Zafirovski, who left the company in August, is claiming more than $12m, according to Financier Worldwide.com

A filing at a US bankruptcy court revealed that this includes $2.4m - the equivalent of two years' pay - $3.8m in bonuses under a company's incentive scheme, $50,000 in insurance benefits, and at least $6m in pension benefits.

"I think it is safe to say that I was shocked," said a spokesman for Nortel Retirees and former employees Protection Canada. "I was amazed and I am frankly staggered by his effrontery."

Nortel filed for bankruptcy protection in the US and Canada in January. In September, Avaya won an auction to buy a division of the company for $915m.


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