The Aim company, which provides telematics technologies used by insurer to track drivers’ habits, shocked investors a fortnight ago when it overhauled its new management team and revised its 2013 figures, revealing the business had suffered a £64m pre-tax loss instead of the £107m profit its former bosses had reported.
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British insurance tech firm Quindell replaced its chief executive on Monday as it looked to weather a criminal investigation into the firm’s accountancy practices.
Chosen for his experience in creating corporate value, Mukerjee was previously the chief executive of Plastic Logic, which was transformed into electronic technology group FlexEnable. “My immediate priority will be to identify how to drive the development of both to serve our customers and create value for our shareholders”.
Earlier this month, the Serious Fraud Office began an investigation into Quindell following the announcement of its 2014 results and revisions to its past results.
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”.
And he faces an uphill struggle in getting the business back on its feet as well as rehabilitating Quindell’s more than tarnished reputation.
Quindell plc also announced today the appointment of Peel Hunt LLP as the Company’s Nominated Adviser and Broker with immediate effect.
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After lifting its trading suspension, Quindell’s market value plummeted 28% earlier this month.
