Podia sacks finance chief for gross misconduct

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The Independent Online

Podia, the marketing and promotions group specialising in Formula One motor racing, has dismissed its finance director for gross misconduct.

Podia, the marketing and promotions group specialising in Formula One motor racing, has dismissed its finance director for gross misconduct.

The company said Hatim Dungarwalla had been dismissed "with immediate effect, without compensation and without notice". The move follows an investigation by the board and subsequent interviews with Mr Dungarwalla.

"The consequences of Mr Dungarwalla's actions are still being investigated and an explanation will be made in due course," the company said. Mr Dungarwalla was suspended earlier this month as part of an investigation into "irregularities" into one of its business divisions. The group's shares were suspended last month.

It is thought the irregularities occurred within Podia's TMG division which is a licensing and merchandising business that has deals with Formula One teams such as BMW Williams, Jaguar, Jordan and Honda.

Podia also owns Jardine Communications, a specialist sports public relations company fronted by Formula One commentator Tony Jardine. Other divisions include Event Vision, a hospitality and event management business involved in the Formula One Grand Prix tour.

The group said yesterday that Colin Ranger, the group's financial controller, would report to the board on financial matters. The company's chief executive, Scott Poulter was not available for comment. Mr Dungarwalla joined Podia shortly after it was formed in 2001 as a result of a reverse takeover of e-comsport, an online sports company.

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