Triad exec's suspension in spotlight

Post date: May 08, 2011 4:7:2 PM

The Telegraph: Triad exec's suspension in spotlight

By Stephen Seawright 12:01AM GMT 01 Nov 2005 

Extracts:

“The Financial Services Authority has examined the circumstances surrounding the suspension of Triad Group chief executive Mira Makar, it emerged at the IT services company's annual meeting yesterday.”

“Ms Makar was suspended as chief executive in February on full pay but remains a director of the company.” 

“Her brother, Ihab Makar, who spoke as a shareholder at yesterday's meeting, claimed that Triad's house broker, Evolution Securities, had wanted to suspend dealings in the stock in February when financial problems arose at the company's IT contracting business in Milton Keynes. “

“He went on to claim that Evolution had told the FSA that "under instruction" from the company the broker had not suspended the stock.”

“An FSA spokesman declined to comment last night.”

“Last night Evolution Securities issued a statement saying: "There was no instruction in February 2005 not to give information to the market." It continued: "We regularly had updates with the company and its other advisers and announcements were made as appropriate."

“Ms Makar claimed to have instigated an investigation into problems with the accounts of Triad's consulting subsidiary Generic in Milton Keynes. She told the meeting: "I have taken vigorous action to investigate and resolve these matters." Mr Rigg said there had been problems with collecting revenues at the business but denied any financial wrongdoing.”

Full Article :

 http://www.telegraph.co.uk/finance/2925029/Triad-execs-suspension-in-spotlight.html