Founder of ‘legal loan shark’ Amigo calls a shareholder meeting in bid to oust entire board
The founder of ‘legal loan shark’ Amigo has called a shareholder meeting to oust the entire board.
James Benamor, through his company Richmond Group, owns 61 per cent of Amigo and wants a new chief executive and chairman.
He is embroiled in a spat with Amigo, saying it was committing ‘slow-motion suicide’ by making ‘irresponsible’ loans and failing to alert shareholders to the potential cost of complaints.
James Benamor has accused Amigo of committing ‘slow-motion suicide’ by making ‘irresponsible’ loans and failing to alert shareholders to the potential cost of complaints
Amigo, which loans money to people with a poor credit score if they can find a friend or family member who will pay if they can’t, denied the claims.
It has already been branded a ‘legal loan shark’ by MPs, as it charges interest rates of up to 49.9 per cent.
Benamor founded the firm in 2005 and left the board in 2018 after a £1.3billion stock market float.
He rejoined the board last December and, just weeks later, the company said it was putting itself up for sale.
Benamor quit the board again last month, and then launched his attack on the board.
Amigo said it was offering to work with Benamor to make sure any board changes were completed in an orderly manner.