UK:
Directors Disqualified For Misuse Of Investment Funds
19 January 2015
Shearman & Sterling LLP
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On December 19, 2014, the UK Insolvency Service reported that
two former directors of Connaught Asset Management, Nigel Walter
and Michael Anthony Davies, have both been disqualified from
controlling or managing a company for a period of 9 and 7 years
respectively. The former directors allowed the misuse of up to
£106m of investor money by failing to review the progress on
loans made with monies borrowed from funds and not ensuring the
money was repaid to the fund following loan completion.
The press release is available at:
https://www.gov.uk/government/news/connaught-asset-management-directors-bannedfor-16-years.
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