Finance director of AEC Education steps down in board reshuffle

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The Independent Online

Ravi Manchanda, the Singaporean businessman appealing against two enforcement decisions by the Financial Services Authority, resigned from his job as finance director of AEC Education yesterday.

Ravi Manchanda, the Singaporean businessman appealing against two enforcement decisions by the Financial Services Authority, resigned from his job as finance director of AEC Education yesterday.

AEC, which hit the headlines when it became the 1,000th company to list on the Alternative Investment Market in December, said the company's chief executive, Ramasay Jayapal, would assume Mr Manchanda's role. Christopher Hutchinson, a former chairman of the British Accounting Association, has been appointed as the company's new chief executive.

Mr Manchanda is appealing against two enforcement decisions by the FSA, as reported in The Independent last month, and is set to clash with the regulator in the Financial Services & Markets Tribunal later this year. Although the FSA and Mr Manchanda are unable to reveal details of the enforcement case before the Tribunal, Mr Manchanda has said the dispute is not related to his position at AEC.

Such appeals are usually either against a fine for a breach of FSA regulations, or against a refusal to grant a licence to work in the financial services industry where the regulator believes the applicant is not "fit and proper".

AEC denied yesterday that Mr Manchanda's departure was in any way related to his dispute with the FSA, saying it was always the intention that he would leave shortly after successfully guiding the company through its flotation.

Before working for AEC, Mr Manchanda was chief operating officer for Allied Deals and a director at RBG Resources, two metal trading companies which were involved in a series of multimillion-dollar frauds about five years ago. There is no suggestion that Mr Manchanda was involved in any of the fraudulent activity at Allied or RBG.

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