JJB former chief charged with fraud
CHRISTOPHER RONNIE, the former chief executive of JJB Sports, was charged with fraud and money laundering by the UKs Serious Fraud Office yesterday.
Mr Ronnie (50), who was CEO of the sportswear and equipment retailer from August 2007 until March 2009, was charged with failing to disclose interests in contracts entered into by the company, money laundering, and providing false information.
The agency also charged David Patrick Ball (51), the joint beneficial owner of Fashion and Sport, a supplier to JJB, with three counts of furnishing false information for his part in the alleged £1 million fraud.
The SFO began investigating Wigan-based JJB and Sports Direct International in August 2009, when the Office of Fair Trading referred the matter to them. The agency closed its probe in October 2010 without bringing charges against the companies, while stating it was continuing to investigate individuals.
JJB said on Tuesday it was in talks with its bank and an unnamed “potential strategic partner” to raise financing. A source said the talks related to a potential investment. – (Bloomberg)