Why did George Patellis (ex CEO of Tiuta) resign?

Posted on August 10, 2012

The Action Group has just learned that the CEO of Tiuta plc did not resign for family reasons as has been claimed.  According to our sources, he resigned after receiving BDO’s findings as advisers to Tiuta. Apparently, he reported his concerns about wrongdoing to the FSA, but his concerns were downgraded as the unsubstantiated allegations of a disgruntled employee.

Our questions for Tiuta and the FSA are:

  1. Why is George Patellis subject to a confidentiality agreement concerning the reasons for his departure?
  2. Is this appropriate for an FSA regulated company?
  3. Should not the FSA intervene to require the release of all confidentiality covenants of all ex employees of Tiuta if they are aware of wrongdoing?
  4. Should not the FSA not investigate allegations that Tiuta has issued multiple libel threats against ex employees?
  5. Why has the FSA concentrated on nursing Tiuta back to health instead of looking after the interests of investors in the Fund?
  6. Why didn’t the FSA take the concerns of the outgoing CEO of Tiuta seriously?
  7. What did Tiuta tell the FSA and has the FSA been misled?
  8. Can we see a copy of the BDO Report?
  9. Was Connaught/Blue Gate sent a copy of this report?
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