Quindell (QPP) - now more lunatics are running the asylum, but…
The founder and his cohorts have finally been ousted from the bizarre creation that is Quindell (AIM:QPP) and leading institutional investment groups who backed him, should hang their heads in shame. However, of more significance to shareholders is surely the matter of whether a viable business is lurking in the mess. In the meantime a former divisional head of one of the idiotic institutions who threw money at QPP is now running the show – it’s not getting much better!
With Investec one the largest institutional backers of the Quindell train crash, the appointment of David Currie, who is former head of investment banking at Investec as interim executive chairman, surely looks like a case of the lunatics now running the asylum. We appreciate that investment banking is far removed from investment management operations, however, given the wealth of insurance related expertise in this country surely they could have found someone more independent with related operational expertise. The focus should now return to the commercial viability (or not) of this business and someone with the desired operating experience should be…