The online real estate agent announced that Helena Marston could not take over as CEO on Monday, as scheduled, because the due diligence has not yet been completed. He did not disclose the reasons for the suspension, but sources said the concerns centered on the fact that Mrs. Marston was identified by her maiden name Applestone in September 2014. As a listed company Aim junior, Purplebricks must be audited by its appointed advisor, Zeus, for board appointments. The former personal insolvency was declared to Jupiter as part of a questionnaire completed by Mrs Marston when she was appointed. Her bankruptcy has been dismissed. Sources said there was an internal debate as to whether it should also be revealed to investors in a stock market announcement on March 10 announcing her appointment. Details were included in a draft of this announcement but were subsequently removed. Neil Miller, chief executive of Ten Intelligence, said Ms. Marston’s credentials should be carefully scrutinized as part of the appointment process. He said: “Before any person is appointed to the board of directors of a listed company Aim, the appointed director must complete the due diligence of the director. As part of this process, the person will have to submit, answer and disclose a Questionnaire Managers. “The questions will give the individual the opportunity to include whether the individual has ever been involved in litigation, litigation, criminal records, disciplinary investigations and insolvency. “Any unfavorable findings, unexplained gaps in their history or other red flags should be challenged as part of the crisis process before the person is appointed.” Ms. Marston had served as managing director under former CEO Vic Darvey, who resigned in March for personal reasons. He was not on the board in this role. This is not the first time Purplebricks have had controversy. The company was fined 7 267,000 by HMRC in 2020 for violating anti-money laundering rules. Purplebricks said: “Following the announcement on March 10, 2022 of the appointment of Helena Marston as the Company’s Managing Director, the company announces that due diligence required by the Aim Rules is ongoing and therefore Helena’s appointment is subject to in the completion of these audits. “A further announcement will be made as soon as possible.”
