A PYMNTS Company

UK: Company directors disqualified over cartel activity

By  |  July 31, 2019

The Competition and Markets Authority (CMA) has secured the disqualification of 3 more office fit-out company directors for illegal cartel behavior, bringing the total number to 6.

All 3 were directors of companies within the Fourfront Group at the time the illegal cartel activity took place. Clive Lucking, founder and CEO of the Fourfront Group, has been disqualified for a period of 4 years and 9 months. Aki Stamatis, Chair of the Fourfront Group, has been disqualified for a period of 2 years and 9 months and Sion Davies, Managing Director at Area Sq. Ltd, has been disqualified for a period of 1 year and 6 months.

Clive Lucking contributed to 10 breaches affecting contracts with a total value of over £11.9 million (US$14.46 million). Aki Stamatis contributed to one of these breaches and took no steps to avoid the other 9 breaches even though he had reason to suspect or should have known about them. Sion Davies contributed to the illegal conduct by failing to prevent 3 breaches affecting contracts with a total value of £8.6 million (US$10.45 million).

Full Content: Gov UK

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.