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MLP chief sacked in row over reports leaked to media

The man heading German IFA giant MLP&#39s exp-ansion into the UK has been sacked following rep-orts that he had passed on sensitive information to the media.

MLP divisional board member in charge of international activities Dorian Simon was dismissed last Thursday. One report said the company had found evidence of Simon passing documents on his computer&#39s hard drive to the German press but German magazine Der Spiegel quoted Simon denying these allegations.

Director of life insurance Gerhard Frieg takes over Simon&#39s role as director of international activities, a post which has overseen the UK operation&#39s expansion to 40 RIs in its London offices.

MLP is a household name in Germany, where it is listed on the DAX 30 index with a market capital of £917m and around 2,000 advisers in 220 branches across Europe.

Recent speculation over accounting practices has seen its share price fall to £9.40 a share from £46 last April.

Head of communications Michael Pfister says: “We cannot comment on details but we have enough reasons for taking such a decision. When companies make such decisions to fire top managers, there are usually enough reasons. This will not affect our plans to exp-and in the UK.”

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