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Harrods Sets Aside £62.3 Million for Al Fayed Abuse Redress as Accounts Swing to Loss

Harrods’ latest filings show a £34.3 million pre-tax loss partly linked to funding a compensation scheme for alleged abuse tied to former owner Mohamed Al Fayed.

Overview

  • Published accounts and reporting detail £57 million allocated for awards and £5.3 million for legal and administrative costs under the Harrods Redress Scheme.
  • Compensation caps include up to £200,000 for general damages, £150,000 for work-impact, £25,000 for aggravated damages, and up to £10,000 for wrongful testing, with treatment costs available.
  • Eligibility extends beyond former employees to applicants who can show a sufficiently close connection to Harrods or Al Fayed’s role, including some incidents alleged to have occurred overseas.
  • More than 100 women have come forward with claims, with awards and interim payments starting at the end of April and applications accepted until March 31.
  • Harrods said it is determined to do the right thing as an organisation and to ensure such behaviour cannot be repeated.