FSA launches Ross shares inquiry

The Financial Services Authority is investigating possible breaches of stock
market rules by David Ross, the entrepreneur and chartered accountant who
resigned as deputy chairman of Carphone Warehouse yesterday over a shares

The financial regulator is investigating whether Ross, who has been with
Carphone for 18 years, has flouted its listing and disclosure rules by failing
to declare that he had pledged his stake in the company as collateral for
personal loans, the Financial Times reported.

Ross is also an adviser to Boris Johnson, London major, and a donor to the
Conservative party.

It has also emerged that Ross has failed to declare that he had pledged
stakes in three other companies where he is a director as collateral for
personal loans.

The companies are National Express, a bus company where Ross is chairman, Big
Yellow, a storage company, and Cosalt, a marine safety equipment maker.

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