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.”
Recent Comments