Ross gets job back a year after loan scandal

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The Independent Online

David Ross, the multi-millionaire co-founder of Carphone Warehouse who was forced to give up a slew of company directorships following a scandal involving loan collateral last year, won back one of his former posts yesterday.

Mr Ross is to return to his role as chairman of the marine equipment manufacturer Cosalt, having stepped down from the job a year ago when it emerged that he had pledged Carphone shares against personal loans of £75m without disclosing the arrangement.

That pledge, which Mr Ross subsequently admitted was an unintentional breach of stock market disclosure rules, also forced him to step down from several other company boards, including positions at Big Yellow and National Express. The Financial Services Authority, the chief City regulator, was later forced to instruct all company directors to make similar admissions where necessary, while promising not to take action against them because it said the rules on loans had been unclear.

Mr Ross retained a non-executive directorship at Cosalt after stepping down as chairman, his one senior role, and owns a 15 per cent stake in the Grimsby-based company, with which his family has a long association. He also supported its £19m fund-raising in August.

The Cosalt's chief executive Mark Lejman said in a statement: "The board is very grateful to David and thanks him for his valuable contributions and support, in particular during the company's recent restructuring and successful fund raising."