23 June 2009

Mottershead vindicated following Travelzest probe

Allegations over misappropriation of funds against Travelzest founder and CEO Chris Mottershead have been found to be unsubstantiated.

Mottershead took legal action against the company in April when Travelzest announced to the Stock Exchange that there had been an alleged misappropriation of company funds and that he had been suspended.

A statement from his lawyers today confirmed that the company's investigation into the allegation has been concluded and his suspension lifted.

"The allegation has been found to be unsubstantiated and all monies have been accounted for.

"All matters in dispute between him and the company have been satisfactorily resolved."

Mottershead has decided to step down as CEO and will leave to company next month.

He said: "It is with some personal sadness that I will soon be leaving Travelzest to pursue new opportunities in the travel industry.

"Since I established the company in 2005 I have shared some of the most challenging and rewarding years of my professional life with some extremely talented individuals whose contribution to Travelzest's success has been invaluable.

"In addition to expressing my gratitude to them I would like to wish everyone involved with the Company continued success in the future."

It is not known what his future plans are.

by Phil Davies