PracticeAccounting FirmsEx-Queens Moat FD excluded from institute

Ex-Queens Moat FD excluded from institute

A Joint Disciplinary Scheme Tribunal has excluded the former finance director and former deputy finance director of listed hotel group, Queens Moat House, from the ICAEW.

Link: QMH director to face tribunal

David Michael Hersey, former FD and Allan William Porter, former deputy FD, were excluded after facts they admitted in the hearing revealed evidence of ‘very grave misconduct on the part of both’.

‘The Tribunal was satisfied that at least some of the conduct admitted amounted to dishonesty,’ the JDS said in a statement.

Hersey was appointed finance director at QMH in 1982, while Porter was made deputy FD in 1989. Both were dismissed by QMH in 1993.

QMH shares were suspended at the company’s request on 31 March 1993, when the company had a market capitalisation of £728m. Following substantial financial restructuring, they were re-listed on 19 May 1995 achieving a market capitalisation of just £24m, a fall in value of 97%.

Hersey and Porter have also been disqualified from acting as company directors by the Secretary of State for Trade and Industry for periods of 8 years and 7 years respectively.

Related Articles

Johnston Carmichael CEO appointed as ICAS president

Accounting Firms Johnston Carmichael CEO appointed as ICAS president

3w Emma Smith, Managing Editor
British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

1m Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

1m Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

1m Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

2m Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

2m Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

2m Fergus Payne, Lewis Silkin
EY, Deloitte lead Big Four in gender pay gap reporting

Accounting Firms EY, Deloitte lead Big Four in gender pay gap reporting

2m Emma Smith, Managing Editor