Former Euroclear Collateral Head Takes Company to Court

Euroclear will report to a U.K. tribunal on the resignation of Saheed Awan, the company’s former global head of Collateral Services.

Euroclear and Awan will report to the Employment Tribunal in London in a four day hearing, commencing on October 5, according a circular from the court.

A spokesperson for Euroclear commented: “Saheed Awan, former Head of Collateral Services elected to part ways with Euroclear in November 2014. Euroclear is aware and will partake in a UK employment tribunal brought by former employee Mr Awan.”

Awan left his role in November last year, one month after the firm announced a joint venture company with the Depository Trust & Clearing Corporation (DTCC). Despite his position at the time, Awan was not placed on the board of directors for the company – Global Collateral Limited.

According to a circular from the court, seen by Global Custodian, the tribunal will hear allegations on three jurisdictions – discrimination on grounds of age, dismissal due to exercising rights under the Public Interest Disclosure Act, and unfair dismissal on grounds of capability or conduct.

Since his departure, Awan has worked as an independent consultant for areas such as collateral management, securities finance and capital market infrastructures.