SACKED Credit Suisse manager Albert Good has won more than £240,000 from his former firm. The 61-year-old, who was unfairly dismissed in September, was awarded the money by an employment tribunal.

The dispute concerned severance pay. Credit Suisse (Guernsey) Ltd had already conceded that Mr Good had been dismissed without good grounds, although the reason was never made public. It offered to pay him half his salary, a car allowance and travel expenses amounting to £79,565.

But Mr Good said other elements of his contract – including half of a £350,000 bonus – should have been included in the deal.

Under Guernsey law, the former chief executive officer was entitled to the equivalent of six months’ pay from the date of his dismissal.

During the two-day tribunal, lawyers acting for Credit Suisse argued that the February bonus payment should not be considered as it was outside the six-month period and he had already received the money.

Mr Good claimed the bank had intentionally postponed his sacking to avoid including the bonus in the package. His advocate argued it was part of his contract and therefore should be part of the settlement.

The tribunal, chaired by Peter Woodward, concluded it would be ‘unjust and inequitable’ to exclude bonus payments, given that Mr Good’s £148,000 annual salary had remain unchanged since his appointment in July 1995.

‘The overall impression gained is one of regular payments, albeit in varying amounts, made to the applicant every year,’ the tribunal found.

‘Unless he had a regular expectation of bonuses each year, it would have been highly likely that his base salary would have increased in line with market movements and/or the cost of living.’

It did not accept Credit Suisse’s argument that by including the bonus in the award, it meant he was effectively being paid twice.

And it concluded that Mr Good’s senior position meant he would have had to plan strategies for longer than six months.

The former CEO had also tried to claim back more than £90,000 from other elements of his contract, including pension payments, health insurance and rent.

But the tribunal found that none of those benefits was in a cash form and therefore could not be considered.

Mr Good was awarded a total of £242,307.30, calculated from the agreed amount of £79,565 and £162,742.30. The last figure was arrived at by taking the average bonus paid over the last three years and halving it.