Rabo pays millions to international executive

Tuesday 24 November 2009

Rabobank paid a $4.6m severance package to a member of Rabobank International's board last year, including $2m for 'emotional distress and mental pain', the Financieele Dagblad reports on Tuesday.

The pay-out was made to Sheldon Sussman, who headed the Global Financial Markets division and was jointly responsible for losses estimated at €1.5bn on high risk mortages and other complex financial products, the paper says.

His contract with Rabobank was ended last year but the reasons are unclear, the paper states. Rabobank declined to comment.

Sussman is also involved in a legal wrangle with Rabobank about other pay-outs.

© DutchNews.nl

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