Quindell Says FCA Has Dropped Investigation In Light Of SFO Probe

Indro previously worked for Philips Semiconductors BV in several executive board positions, including Executive Vice President – Global Marketing & Sales and Chief Marketing Officer and latterly global CEO of the strategic Automotive and RF Identification Business Units.

Indro Mukerjee, now non-executive chairman of electronics technology group FlexEnable, will join the board on September 7. He has experience in private equity-backed technology and industrial companies.

At the heart of the Company are some excellent people and great technologies.

The review found that certain accounting policies adopted by the company, in respect of recognising revenue and deferring case acquisition costs in a number of the group’s disposed of businesses, were “largely acceptable but were at the aggressive end of acceptable practice”.

Quindell announced in a short statement this morning that it had been informed by the FCA that in light of the investigation by the SFO into the company’s past business and accounting practices, it had decided to discontinue its own investigation with immediate effect.

The Financial Conduct Authority (FCA) is also investigating Quindell in relation to public statements made regarding Quindell’s financial accounts during 2013 and 2014 and the Financial Reporting Council (FRC) has launched an investigation into Quindell’s auditors. It was later revealed that he had been paid £1.5m after being forced form the board. He has a proven track record of creating value through developing and implementing strategies based on matching compelling value propositions to growing markets.