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Money Portal chief Morris quits ahead of court case

The Money Portal is expected to announce a new chief executive next week after former CEO Tony Morris was forced to resign last week by the Department of Trade and Industry.

Morris resigned in advance of a court case brought by the DTI concerning his role as director of 11 firms, seven of which have been dissolved and three of which went into liquidation.

One of the companies, Defleet Holdings, was run by Morris with former TMP director Andrew Ritchie. Ritchie stepped down as a director of TMP in March and is now being sued by the company for alleged breaches of contract along with another former director, John Fairclough.

TMP is trying to raise money to fund future acquisitions and has received funding from US investment bank Bear Stearns.

Since being founded four years ago, TMP has amassed 1.4bn of assets under management and has made several acquisitions including Willis Owen and Bates Investment Services.

TMP managing director Richard Craven says: “New board appointments will be announced next week following our next meeting with the regulator but I cannot confirm further details until then.”

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