Ross gets job back a year after loan scandal
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."
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £25000 per annum + OTE £35000: SThree: SThree are a global FTSE 250 b...