One of Britains wealthiest entrepreneurs has resigned after admitting to securing personal loans with company shares.
A spokesman for the Carphone Warehouse said that David Ross disclosed that he pledged 136.4 million ordinary shares as collateral for loans.
Ross who was once estimated to be worth up to 900 million, will most likely sell part of his holding in Carphone to JP Morgan.
Charles Dunstone – Chief executive and close friend of Ross said that it was a “great personal sadness” and the incident was “probably an oversight or a misunderstanding of what needed to be done.”
Its quite right he resigned, its scandalous.
I have had carphone warehouse phoning me claiming to be O2. I go to O2 shop who were not interested. I would have thought a buisiness calling claiming to be fraudulant but O2 asured me that it is not. I then go to car phone warehouse who claim the phone number is not theirs but I called the number that called me and guess what, it is carphone warehouse. I do not wish to deal with companies that lack ethics so I am leaving O2, will not deal with car phone warehouse in the future and will look for an alternative supplier.