Valad MD’s future is now under cloud
THE tenure of Valad Property Group’s managing director has come under a cloud after the sale of the group’s European operations fell over.
Valad said it was holding discussions with incumbent managing director Peter Hurley about his ‘‘ future arrangements’’ after the sale of its European operations to a consortium that included Mr Hurley failed.
‘ ‘ Valad Property Group today announces that the MBO proposal has been withdrawn and, as a result, all discussions with the MBO Group in relation to the potential acquisition of the European business have ceased,’’ Valad said in a statement yesterday.
Valad announced on December 16 last year that MBO had presented an indicative and incomplete proposal to acquire the group’ s European investment management business.
The Valad board last year agreed that Mr Hurley would take a leave of absence during the talks due to his conflict of interest.