David Prosser: Is Sir Ken the only one to have blundered?


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The Independent Online

Outlook The curious case of Sir Ken Morrison, fined yesterday for failing to tell Morrisons he had sold off his holdings in the supermarket group, is reminiscent of another recent share ownership scandal. Sir Ken appears to have simply overlooked his duty to inform the company of the disposals he made, just as, in 2008, David Ross, a significant shareholder in Carphone Warehouse, inadvertently fell foul of rules requiring him to declare he had pledged chunks of his holdings as collateral against certain loans.

After the Ross affair, it became clear many other individuals had made the same mistake – though he still had to resign from a string of directorships. The rules Sir Ken broke were more straightforward, but it will be fascinating to see whether anyone else has just realised they are in the same boat.