Former chairman Robert Terry sorry for Quindell meltdown

Ollie Gordon
Terry resigned from the company’s board yesterday
Robert Terry, the former chairman of the beleaguered insurance claims processor Quindell, yesterday said he was “disappointed and sorry that events turned out as they did”.

Terry resigned from the company’s board yesterday after a rocky few months of speculation and controversy saw the Hampshire-based firm lose more than £2bn of market value.

He departs Quindell after the company disclosed a controversial share transfer agreement with securities-based lender Equities First Holdings, involving Terry and two other directors. The trio had received £8.8m from the US financier, using 10m Quindell shares as collateral. Non-executive director Steve Scott has also stepped down from the board. Finance director Laurence Moorse will leave the board after next year’s AGM.

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