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Sports Direct CEO steps down from holding company

Sports Direct chief executive Dave Forsey has stepped down from his position as company secretary of Mike Ashley’s holding company just days before he was due to face criminal charges.

Forsey resigned from Mash Holdings, the holding company for all Mike Ashley’s investments, where he had been company secretary for 10 years, on August 1, according to The Daily Mail.

He was due to appear in court on August 15 but the hearing was adjourned until Wednesday (October 14).  

The news follows the announcement on Friday (October 9) that Forsey has been charged with a criminal offence relating to the controversial pre-pack administration of young fashion chain USC in January.

Stock was removed from the Dundonald warehouse on January 7, almost a week before Sports Direct appointed administrators for USC on January 13. On January 14, warehouse staff were given just 15 minutes’ notice that they were being made redundant.

If found guilty Forsey could be banned from holding directorships for up to 15 years.

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