Cenkos share price rises after it denies probe by the Serious Fraud Office over Quindell

Jessica Morris
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Cenkos was formerly the nominated advisor to insurance services company Quindell (Source: Getty)
hares in Cenkos rose 15.5 per cent to 170.4 p per share today, after the mid-tier broker and investment house said it's not under investigation by the Serious Fraud Office (SFO).

Cenkos was formerly the nominated adviser to scandal-engulfed insurance services company Quindell, which is currently being investigated by the SFO over "business and accounting practices". The clarification came after a media report that Cenkos was also being investigated over accounting and director dealings.

"The company notes the recent decrease in the company's share price and confirms that it has become aware of a recent press article, citing the company, which includes a number of material inaccurate references to the company," Cenkos said in a statement on the London Stock Exchange today.

Read more: Quindell shares to be suspended as court hearing looms

"In particular, the company wishes to confirm that it has not been asked to provide, and nor has it provided, any information to the Serious Fraud Office (SFO) in relation to any investigation being undertaken by the SFO and that the company is not itself the subject of any SFO investigation."

Quindell has since sold its professional services division to Australian law firm Slater & Gordon, and the new management have changed its name to Watchstone Group to draw a line under its tumultuous history.

It's had a difficult 18 months since being targeted by US short-seller Gotham City Research in early 2014. Quindell later won a libel case against the group, but its troubles continued throughout the year. By the end of 2014, chairman and founder Rob Terry had resigned, as had its broker, Canaccord Genuity, while investor Fidelity halved its stake.

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