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.
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