The scandal-hit company had also yesterday announced the appointment of Indro Mukerjee as chief executive, and further underlined its break with the past with the replacement of house broker Cenkos with Peel Hunt.
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Quindell appointed a new chief executive officer on Monday after its previous CEO departed in May. Indro brings strong experience from Board level leadership positions in multinational, start-up and private equity backed technology and industrial companies.
Mukerjee, who is chairman of electronics group FlexEnable and boasts of long experience working in technology companies, will start on September 7. “My immediate priority will be to identify how to drive the development of both to serve our customers and create value for our shareholders”.
The review found that certain accounting policies adopted by the company, in respect of recognising revenue and deferring case acquisition costs in a number of the group’s disposed of businesses, were “largely acceptable but were at the aggressive end of acceptable practice”.
However the decision looks purely administrative, with the FCA ducking out to give the Serious Fraud Office free reign with its criminal investigation into Quindell’s “business and accounting practices”.
Richard Rose, Non-executive Chairman, said, “He has a proven track record of creating value through developing and implementing strategies based on matching compelling value propositions to growing markets”.
The investigation into Quindell concerns public statements made regarding its financial accounts during 2013 and 2014.
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