Worthington Nicholls Group PLC - Outcome of Disciplinary Hearing: Timothy James Hunt, ICAEW Member
News types: Tribunals
Published: 9 November 2012
PN 019 The FRC announces the outcome of the disciplinary hearing against Timothy James Hunt, a member of the ICAEW and former finance director of Worthington Nicholls Group plc (WNG).
In summary, Mr Hunt admitted that his conduct had fallen short of the standards reasonably to be expected of members and member firms in four respects, namely by associating himself with a statement to the market which he knew to be misleading; by associating himself with the release of a Share Placement letter in a Shareholder Circular which he knew contained misleading information; by failing to disclose at an EGM and Board meeting that he believed the public statements made regarding WNG’s trading position were false and misleading; and by preparing interim financial statements for the period ending 31st March 2007 which were materially false and misleading.
Mr Hunt accepted that he was not straightforward and honest in respect of these four areas.
The Tribunal made findings of misconduct against Mr Hunt in respect of each of these four areas and ordered that Mr Hunt should be excluded as a Member of the ICAEW for a minimum period of 6 years with immediate effect and that he should pay £50,000 towards the costs of investigating the case.
Read or download the Disciplinary Tribunal’s full report (PDF) and the associated statement of agreed facts (PDF).
The FRC is independent of the professions it disciplines and operates in the public interest.
Notes to editors:
In summary, Mr Hunt admitted that his conduct had fallen short of the standards reasonably to be expected of members and member firms in four respects, namely by associating himself with a statement to the market which he knew to be misleading; by associating himself with the release of a Share Placement letter in a Shareholder Circular which he knew contained misleading information; by failing to disclose at an EGM and Board meeting that he believed the public statements made regarding WNG’s trading position were false and misleading; and by preparing interim financial statements for the period ending 31st March 2007 which were materially false and misleading.
Mr Hunt accepted that he was not straightforward and honest in respect of these four areas.
The Tribunal made findings of misconduct against Mr Hunt in respect of each of these four areas and ordered that Mr Hunt should be excluded as a Member of the ICAEW for a minimum period of 6 years with immediate effect and that he should pay £50,000 towards the costs of investigating the case.
Read or download the Disciplinary Tribunal’s full report (PDF) and the associated statement of agreed facts (PDF).
The FRC is independent of the professions it disciplines and operates in the public interest.
Notes to editors:
- The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
- From 18 October, and in accordance with the FRC reform programme, the functions of the FRC’s Accountancy and Actuarial Discipline Board (“AADB”) are now exercised by the FRC and its Conduct Committee and Executive Counsel. The investigation leading to this complaint was started by the AADB before the reform programme was implemented and the complaint was issued and heard in the name of the AADB.