MyTravel to Sue EC Over Failed First Choice Bid

21st Mar 2003

has announced that it is to seek damages from the European Commission for blocking its proposed bid for First Choice Holidays in 1999.

The company will make a claim to the Court of First Instance for damages, but it is likely to take several years for any money to be awarded. MyTravel said court papers would be filed “within the next few weeks.”

The news emerged as the group, which fell deeply into loss last year when it was forced to abandon aggressive accounting policies, also revealed it had paid £2.67m ($4.2m) in compensation to former directors. Tim Byrne, the chief executive who left after two profits warnings in four months, took away £1.2m - more than twice his base salary of £450,000.

Related stories on ITN:

(28/02/2003) Founder of MyTravel Resigns


(28/11/2002) MyTravel Reports `Unacceptable Performance` for the Year Ended 30 September 2002



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