ARTICLE
19 January 2015

Directors Disqualified For Misuse Of Investment Funds

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A&O Shearman

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The UK Insolvency Service reported that two former directors of Connaught Asset Management have both been disqualified from controlling or managing a company for a period of 9 and 7 years respectively.
United Kingdom Finance and Banking

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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