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Globo Directors Resign As Administration Process Continues

Fri, 13th Nov 2015 11:21

LONDON (Alliance News) - The administrators of Globo PLC on Friday said that the company's chairman and a non-executive director have resigned.

Barry Ariko resigned as chairman, while Joseph Coughlin resigned as non-executive director.

Chad Griffin, Simon Kirkhope and Lisa Rickelton of FTI Consulting LLP were appointed as joint administrators of Globo on November 3.

The administrators do not expect any returns for shareholders from the adminsitration of the mobile technology company.

Globo was engulfed in scandal after "certain matters" regarding the falsification of data and the misrepresentation of its financial situation was reported to authorities two weeks ago.

Founder Costis Papadimitrakopoulos, who resigned as chief executive in the wake of the scandal, brought those matters to the attention of his fellow board members after US hedge fund Quintessential Capital Management published a report in which it accused Globo of "massively overstating" its revenue and profit.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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