PracticeAccounting FirmsPodia FD faces ICAEW investigation

Podia FD faces ICAEW investigation

The former finance director of cash-strapped sports company Podia could face an ICAEW investigation.

Link: Podia says accounts were ‘misleading’

Podia, which has put its business up for sale, sacked FD Hatim Dungarwalla, last month on the basis of ‘gross misconduct’.

Dungarwalla, who declined to comment on advice from his lawyers, is a member of the ICAEW and the institute has ‘taken an interest’ in the practice of its member. It has written to Podia to ask for a copy of its report ‘once it is available’.

Podia aims to report its findings to the ICAEW by ‘early next week’.

‘We will tell them (ICAEW) what he has done,’ said Michael Twist, corporate development director at Podia.

In a stock exchange statement last Friday, Podia said its management accounts had incorrectly showed it was ‘fractionally’ outside its £0.5m credit facility. But banker Lloyds said its overdraft in fact topped £1m.

Podia also said the FD issued a ‘significant number of cheques’ in excess of his authority and that Lloyds honoured the cheques ‘in breach of its bank mandate’ by not obtaining a second director’s signature. Lloyds declined to comment.

‘The bank told us we were in a different position than our finance director did,’ Twist said, adding there was no evidence Dungarwalla had gained personally through his actions.

Related Articles

Productive accountancy firms lead the way

Accounting Firms Productive accountancy firms lead the way

8h Simon Adcock, HSBC
LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

Accounting Firms LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

1d Fergus Payne, Lewis Silkin
BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

1w Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

1w Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

2w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

2w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

2w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

2w Emma Smith, Managing Editor