PNC seeks payback by ex-chief

MOBILE phones distributor PNC Telecom is suing its former chief executive Darren Ridge for the return of cash believed to exceed a quarter of a million pounds. In a statement to the Stock Exchange, PNC Telecom, chaired by former Express Newspapers boss Lord Stevens and one of the many technology-related companies that have suffered on the stock market, said it had instructed lawyers to recover the money from Ridge, a Hampshire-based millionaire.

The money is alleged to have gone out of the company in transactions relating to his family and to two people whom it is alleged were never employed by the company.

PNC shares nearly halved in May on a profit warning and today fell 2 1/4p to 7 1/4p. Two years ago they stood at 410p.

Ridge became chief executive last year after the departure of founder Gerry Thomas. One of his first acts was to issue a profits warning last August when Paul Hindar, the finance director, left.