Card Clear sacks two top directors

TWO TOP directors of Card Clear, a fraud prevention company, have been forced to resign after the discovery late last week that they "misrepresented to the board the nature of a payment". The news wiped nearly 20 per cent off Card Clear's share price, which fell from 77.5p to 62.5p.

The company, which provides credit card fraud prevention systems to large institutions such as Amex, NatWest and Barclays, said the board is satisfied that the amount of the payment involving Brian Raven, the chief executive, and Oliver Cooke, the finance director, was "not material". The payment was "neither intended to confer, nor conferred, any personal gain on either Raven or Cooke", the company said. However, the resulting loss of confidence in the two directors made their positions untenable, it stated.

"Neither Raven nor Cooke is seeking or will receive any compensation in connection with their resignations other than the retention by them of certain share options," Card Clear added.

The company has not informed any of its regulators of the affair because of the small size of the payment concerned, a spokesman said.

It is also highly unlikely that the company will take any legal action against the departing pair.

The company, based in Woking, Surrey, said that Nigel Whittaker, the non-executive chairman, will take over as caretaker executive chairman while it seeks replacements.

From 1983 to 1995 Mr Whittaker was director of corporate affairs at Kingfisher, the retail group. He will be supported on the Card Clear board by Barrie Brinkman, the managing director of the recently acquired information technology company HTEC, and Steve Callaghan, the managing director of Card Clear UK.

The company also said its auditors, Coopers & Lybrand, will help in finding suitable financial management.

Under the departure terms agreed with the board over the weekend, Mr Cooke will retain one million of the 2.6 million share options granted to him under the company's executive share option scheme. Mr Raven has 958,000 founders' options over shares in the company, exercisable at 12.5 pence per share.

Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
ebooks
ebooksA year of political gossip, levity and intrigue from the sharpest pen in Westminster
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Client Services Manager - Relationship Management - London

£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...

Recruitment Genius: Credit Controller / Customer Service

£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...

Guru Careers: In-House / Internal Recruiter

£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...

Recruitment Genius: Tax Assistant

Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...

Day In a Page

Syria crisis: Celebrities call on David Cameron to take more refugees as one young mother tells of torture by Assad regime

Celebrities call on David Cameron to take more Syrian refugees

One young mother tells of torture by Assad regime
The enemy within: People who hear voices in their heads are being encouraged to talk back – with promising results

The enemy within

People who hear voices in their heads are being encouraged to talk back
'In Auschwitz you got used to anything'

'In Auschwitz you got used to anything'

Survivors of the Nazi concentration camp remember its horror, 70 years on
Autumn/winter menswear 2015: The uniforms that make up modern life come to the fore

Autumn/winter menswear 2015

The uniforms that make up modern life come to the fore
'I'm gay, and plan to fight military homophobia'

'I'm gay, and plan to fight military homophobia'

Army general planning to come out
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign

What the six wise men told Tony Blair

Months before the invasion of Iraq in 2003, experts sought to warn the PM about his plans. Here, four of them recall that day
25 years of The Independent on Sunday: The stories, the writers and the changes over the last quarter of a century

25 years of The Independent on Sunday

The stories, the writers and the changes over the last quarter of a century
Homeless Veterans appeal: 'Really caring is a dangerous emotion in this kind of work'

Homeless Veterans appeal

As head of The Soldiers' Charity, Martin Rutledge has to temper compassion with realism. He tells Chris Green how his Army career prepared him
Wu-Tang Clan and The Sexual Objects offer fans a chance to own the only copies of their latest albums

Smash hit go under the hammer

It's nice to pick up a new record once in a while, but the purchasers of two latest releases can go a step further - by buying the only copy
Geeks who rocked the world: Documentary looks back at origins of the computer-games industry

The geeks who rocked the world

A new documentary looks back at origins of the computer-games industry
Belle & Sebastian interview: Stuart Murdoch reveals how the band is taking a new direction

Belle & Sebastian is taking a new direction

Twenty years ago, Belle & Sebastian was a fey indie band from Glasgow. It still is – except today, as prime mover Stuart Murdoch admits, it has a global cult following, from Hollywood to South Korea
America: Land of the free, home of the political dynasty

America: Land of the free, home of the political dynasty

These days in the US things are pretty much stuck where they are, both in politics and society at large, says Rupert Cornwell
A graphic history of US civil rights – in comic book form

A graphic history of US civil rights – in comic book form

A veteran of the Fifties campaigns is inspiring a new generation of activists
Winston Churchill: the enigma of a British hero

Winston Churchill: the enigma of a British hero

A C Benson called him 'a horrid little fellow', George Orwell would have shot him, but what a giant he seems now, says DJ Taylor
Growing mussels: Precious freshwater shellfish are thriving in a unique green project

Growing mussels

Precious freshwater shellfish are thriving in a unique green project