Bloxham exec treated ISE stake as asset

A former executive of collapsed stockbroking firm Bloxham signed annual accounts in 2012 treating a €6.2m valuation of its membership of the Irish Stock Exchange as an “asset” in the absence of regulatory approval for a proposed restructuring which would permit corporate members to get monies from the exchange company’s €45m reserves, the High Court has heard.

The proposed restructuring, being advanced from late 2011 as Project Chrysalis, has yet to be effected, the court was told.

Pramit Ghose, who was managing partner of Bloxham in 2012, said he had signed the annual accounts in Apr 2012, after they had been signed off by Bloxham’s auditors, Deloitte.