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FD of Scandal-hit Quindell quits

QUINDELL, the troubled insurance claims processor, has seen a trio of top executives leave.

The AIM-listed company told shareholders this morning that finance director Laurence Moorse is exiting the board, and will have gone within a year, while chairman Rob Terry and non-executive director Steve Scott will exit the firm with immediate effect.

The departures come a day after joint broker Canaccord Genuity ended its relationship with the business. 

All three departing executives were involved in a controversial share transfer agreement with Equities First Holdings. They had recieved £8.8m from the provider, in return for millions of Quindell shares.

Terry said: “I entered into the share transactions announced on 5 November 2014, with the best of intentions for the company and all shareholders and it would have been my intention to acquire more shares were it not for the restrictions due to the discussions leading to this announcement. I am clearly disappointed and sorry that events turned out as they did.”

Quindell’s shares have plummeted from 140p on 20 October to 54p today following a series of controversies that have dogged the firm since April, wiping out £2bn in market value.

That month, analyst and short seller Gotham City Research issued a 70 page report attacking the firm’s financial well-being. It was duly sued by Quindell, which won a libel case against the analysts.

Former Investec investment banking chief Dave Currie will now take on the chairman role temporarily until a successor is found.

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