Lost amid Nortel’s bankruptcy proceedings and the dumping of all of its assets is the fact that criminal prosecution against three ex-Nortel executives – Frank Dunn, Doug Beatty and Michael Gollogly – is still happening. The trio were charged by the RCMP in 2008 for allegedly cooking Nortel’s books to trigger a lucrative bonus structure.
The case, however, has been bogged down due to disagreements over the amount of documentation involved – nearly 23 million pages, according to the Financial Post. The Crown has been given until April 1 to organize all these documents so it can be searched by the defendants.
According to the FP, the three executives agreed to go straight to trial without a preliminary hearing. They will be tried before a judge alone of the Superior Court. No date has been set for their trial.
Executive Biography Thomas Manley, Director; Chief Financial Officer, Avaya, Inc.
Thomas Manley joined the Board of Directors in August, 2008 and serves as chairman of the Deltek Audit Committee. Mr. Manley is a software and telecommunications senior executive with more than 25 years of global experience in a variety of leadership roles. He was appointed as the Chief Financial Officer of Avaya Inc., a leading global provider of business communications applications, systems and services, in July 2008. Prior to this position and beginning in 2001, Mr. Manley was the Chief Financial Officer and Senior Vice President, Administration of Cognos (an IBM company), a leader in business intelligence and performance management solutions. Before joining Cognos, Mr. Manley spent 18 years with Nortel Networks, most recently as Chief Financial Officer for the High Performance Optical Component Solutions Group.
Mr. Manley graduated with distinction from Carleton University in Ottawa, Canada where he received his B.S. in engineering. He received his M.B.A from Queen's University in Ottawa, Canada.
The crash and sale of Nortel comes as a heavy blow to John Manley. He was invited to join the Nortel board of directors in 2004, when the company was in a free fall. Nortel told him he could bring some well-needed credibility. Out of a sense of public service, he agreed.
Credibility was not forthcoming.
“I guess some of them thought that when I went on the board, it would change everything.”
He is angered that the federal government didn't come to Nortel's assistance.
As a former politician, John Manley understands that the politically expedient thing for policy makers is to over-regulate in the aftermath of major events — a financial crisis, for example — to ensure history does not repeat itself.
But in his new job as president of the Canadian Council of Chief Executives, the former deputy prime minister and finance minister said it will be his task to persuade policy makers to think before regulating.
“we have to make sure that regulation is not stupid, that it doesn't lead to a loss of innovation and entrepreneurial-ism, because that is what will ultimately lead the economy to recover and to respond.”
“I don't' think any one argues there should be no regulation. But at the same time you want to make sure that you do it in an intelligent fashion, and that will be the task — that we don't saddle ourselves with something that may make some superficial sense, but in the long-run they are going to cost us prosperity.”
(look what fraud did to the economy and shareholders and he wants less regulation?)
In a statement, Gordon Nixon, Royal Bank of Canada CEO and CCCE chairman, cited Mr. Manley's political and business experience as a key reason why he was tapped to succeed Mr. d'Aquino. (as President of the Canadian Council of Chief Executives) (Wasn't ex-Nortel insider and ex-CFO Currie also an RBC insider?)
He is currently senior counsel at McCarthy Tetrault, and sits on the boards of Nortel Networks Corp.
Paperworks Stalls Criminal Prosecution
The case, however, has been bogged down due to disagreements over the amount of documentation involved – nearly 23 million pages, according to the Financial Post. The Crown has been given until April 1 to organize all these documents so it can be searched by the defendants.
According to the FP, the three executives agreed to go straight to trial without a preliminary hearing. They will be tried before a judge alone of the Superior Court. No date has been set for their trial.