A tribunal has awarded 560,000 in damages to a former compliance officer after ruling he was unfairly dismissed following his protected disclosure about a Chinese espionage agent acting as an employee.
Bharat Bhagani informed the Financial Conduct Authority (FCA) in 2022 that his company had asked him to secure a visa for an employee that the British authorities later deported for being a “Chinese espionage agent”.
He also claimed that the company, a regulated foreign exchange brokerage firm called Goldenway Global Investments, made two appointments of Hong Kong residents as company directors that were unauthorised by the FCA. Additionally, Bhagani alleged that the business' representatives had laundered money, after identifying suspect payments on the company accounts.
Bhagani was subsequently accused of committing gross misconduct for failing to obey directors' instructions. He was dismissed, which the tribunal ruled was unfair as it was a result of his whistleblowing.
“This case highlights the importance of companies implementing strict anti-retaliation policies to ensure that whistleblowers are protected from all forms of retaliation, including demotion, dismissal and harassment,” said Lorna Ferrie, legal and compliance director at compliance firm Mauve, speaking to HR magazine.
Neil Donovan, employment partner at law firm Ashurst explained that regulated firms face increased scrutiny for their treatment of whistleblowers.
He told HR magazine: “Regulated firms have...
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