London-listed Chinese lottery solutions provider DJI Holdings has terminated the contract of its chief financial officer Rodney Davis with immediate effect after he was found to have disposed of shares in the business without securing permission from the company.
Davis was due to leave the company at the end of the month, after announcing his resignation in September, with bwin.party’s former group finance director Steven Prowse joining as his replacement. Davis had been completing a handover period to familiarise Prowse with the business, but his alleged actions have resulted in this being concluded early.
Between September 30th and October 20th Davis is said to have made a series of disposals of shares, but did not seek prior authorisation to do so, as required by DJI’s share dealing code for directors. He also failed to notify the company following each trade, as required by the Alternative Investment Market (AIM) Rules.
“DJI adopted detailed policies for Directors’ share dealings and compliance with the AIM Rules before the IPO in July 2014 and all directors, including Mr Davis, have been and remain aware of their responsibilities in this regard,” the company explained.
As a result he has been issued with a notice of summary termination of his contract and will also be required to resign as a director of all DJI group companies with immediate effect.
DJI added that as the handover to Prowse is now complete, he is already the effective leader of the company’s finance team.
source : www.gamingintelligence.com
