FSA raps Universal over Direct Line disclosure
The Financial Services Authority has fined Universal Salvage £90 000 for breaching the Listing Rules and failing to disclose the loss of its Direct Line contract on the day it received the notice of the termnination of the deal. At the time of the loss in 2002 the insurer accounted for 40% of Universal’s business.
Martin Hynes, former chief executive officer of Universal, has also been fined £10 000 for being knowingly concerned in the breach and has tendered his resignation from the salavge company’s boardOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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