Sports group suspends FD
Sports marketing group, Podia, has suspended finance director Hatim Dungarwalla after its shares were suspended Tuesday.
The company is investigating accounting regularities at a subsidiary -merchandising arm Podia TMG UK.
The irregularities only apply to the period since 30 June 2002, and are believed to be a mistake rather than deliberate fraud.
Podia has merchandising agreements with a number of Formula One teams, including Williams BMW, Arrows and Jaguar. Share holders included F1 commentator, Tony Jardine.
The shares are now suspended at 19p, valueing the company at just over £12m.
A further announcement is expected within the next few days.