Manx Telecom suspends CFO

Manx Telecom, the AIM-listed communications provider in the Isle of Man, has announced the suspension of Danny Bakhshi, CFO of the group, after being informed he is the subject of criminal proceedings unrelated to his duties with the company

Manx Telecom said in a statement to the market: ‘In accordance with company procedure, the board has suspended Mr Bakhshi on a precautionary basis pending investigations being carried out. The board will keep his suspension under review and will aim to make the period of suspension no longer than is reasonably necessary.’

CEO Gary Lamb, formerly CFO, will serve as group CFO on an interim basis.

A clerk for the Isle of Man court of justice told the CCH Daily that Bakhshi had appeared before the deputy high bailiff on Tuesday 8 August after being charged with being unlawfully concerned in the production of a Class B substance, having allegedly brought cannabis back to the Isle of Man from Amsterdam. He pleaded not guilty to the charge and was bailed until October.

Bakhshi has made no comment on the matter. 

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