Simon Kingdon, also an ex-finance director of West Bromwich Building Society, had his membership to the trade body cancelled after it emerged he failed to disclose to his wife that he held 200,000 shares in Money Partners Holdings during their divorce proceedings.
The Institute of Chartered Accountants in England and Wales said that Kingdon’s conduct was ‘dishonest’ and revoked his membership.
Kingdon’s wife took him to court when she became aware of his holdings in the company. He sold some of his stake in November 2006 for £1.63m and eventually paid a further £481,000 to her.
The Institute said: “The defendant did not want his wife to know about the acquisition of shares which he hoped would increase in value, and so he deliberately did not disclose it. Such conduct is dishonest.”
The tribunal said this was a case of ‘serious professional misconduct’ and ordered Kingdon to pay £20,000 in legal costs.
Kingdon claimed that while his actions had been ‘deliberate, substantial and protracted’ they had not been dishonest.
The tribunal rejected that notion, adding: “The IC submitted that lies made in judicial proceedings are always dishonest.
“The defendant submitted through counsel, and maintained in his evidence, that a lie is not necessarily always dishonest.”
Kingdon was finance director of West Bromwich Building Society from 1995 and two years later, in 1997, he was appointed finance director of the Kensington Group PLC until 2004.
