English ICA tribunal stands firm against appeal

A former chairman of a financial services and property company has lost his appeal against the English ICA’s decision to exclude him from membership for at least ten years.

Max Lewinsohn of Sharpthorne, East Grinstead, West Sussex, said he should have escaped disciplinary proceedings because his membership had lapsed due to non-payment of his subscription. But the institute’s disciplinary committee ruled it had not ‘accepted his resignation’ and he was still liable to action, which led to exclusion and costs of #3,250.

The Insolvency Service started proceedings against Lewinsohn when his company was placed in administration in January 1990.

He was disqualified from being a company director for seven years for misleading his directors about his businesses’ acquisition of a 25% holding in a Hong Kong company. The price of the acquisition was higher than it should have been and the difference, about #1m, disappeared via a Panamanian company with his knowledge.

He also failed to disclose his interest in the payment of invoices submitted through a Swiss firm of accountants.

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