Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

CPP distances from founder Ogston after trafficking allegations

2nd Oct 2023 12:02

(Alliance News) - CPPGroup PLC on Monday sought to distance itself from its founder, Hamish Ogston, after a Sunday Times report which alleged that there is evidence the British businessman engaged in trafficking or attempted trafficking of sex workers.

CPP Group is a Leeds, England-based technology-driven assistance and insurance provider. Ogston had founded Card Protection Plan Ltd, a credit card insurance firm, back in 1980, which would later grow into CPP Group. It listed on the London Stock Exchange in 2010.

Referring to Ogston as a "shareholder in the group", CPP Group said he had left the board in June 2013.

"Since that time, and save for those rights reserved for shareholders, has had no involvement in the management or operations of the group," the firm said.

"It is not appropriate for CPPGroup PLC to comment further," it added.

Citing around 1,000 leaked documents, the Sunday Times said an investigation revealed evidence suggesting Ogston engaged in the exploitation of vulnerable southeast Asian sex workers for the past 15 years. It cited potential offences including breaking laws on immigration, prostitution and human trafficking.

"Ogston said that he did not recognise our account and denies entirely that his conduct amounts to the systematic exploitation of vulnerable women," the newspaper said.

Shares in CPP Group were untraded at 136 pence in London on Monday afternoon.

By Elizabeth Winter, Alliance News senior markets reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

FTSE 100 Latest
Value7,684.49
Change0.00