Homes and Property | Home Page

ITE's catalogue of disasters

12 April 2012

SMALL shareholders gave bosses at trade exhibitions ITE Group a roasting over disastrous investments and big pay-offs to former directors.

Six out of nine directors, including former Tory Party chairman Sir Jeremy Hanley, failed to attend Thursday's annual general meeting. 'Feeble,' said small investor Sydney Harris, 74.

Calamities to hit the firm included an exhibition hall blown down by a tornado in Eastern Europe, economic strife in Turkey and political turmoil in Indonesia. The bursting of the dotcom bubble turned a Birmingham e-business event into an 'unmitigated disaster.'

One in three shareholders voted against re-electing auditors Andersen. New chief executive Stephen Warshaw joined from US shareholder Veronis Suhler to sort out the mess. ITE, which lost £30m last year, has £16m cash.

Create a FREE account to continue reading

eros

Registration is a free and easy way to support our journalism.

Join our community where you can: comment on stories; sign up to newsletters; enter competitions and access content on our app.

Your email address

Must be at least 6 characters, include an upper and lower case character and a number

You must be at least 18 years old to create an account

* Required fields

Already have an account? SIGN IN

By clicking Create Account you confirm that your data has been entered correctly and you have read and agree to our Terms of use , Cookie policy and Privacy policy .

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in

MORE ABOUT

Financial Regulation
Indonesia
Stock And Equity Market And Stock Exchange
Sydney
Turkey
Windstorms