Manx Telecom chief is suspended after charge

THE Isle of Man’s main telecoms provider has been hit by criminal proceedings brought against Danny Bakhshi, its chief financial officer, in another claim of lawbreaking against an executive of an Aim-listed firm.

Manx Telecom told investors yesterday that Mr Bakhshi had been suspended “on a precautionary basis pending investigations being carried out” and that the charge was unrelated to his professional role.

The Isle of Man court of justice confirmed that Mr Bakhshi, 50, has been charged with an offence related to bringing cannabis on to the island from Amsterdam. Mr Bakhshi appeared before the deputy high bailiff on Tuesday and pleaded not guilty. He was bailed until Oct 3.

It comes after Oozi Cats, the boss of fellow Aim-listed telecoms firm Telit Communications, yesterday took a leave of absence amid allegations he is wanted for a 25-year-old fraud in Boston.

Telit has drafted in lawyers to investigate the claim. The inquiry is ongoing.

Manx Telecom said it would keep Mr Bakhshi’s suspension under review and it would seek to keep it in place “no longer than is reasonably necessary”.

His responsibilities will be taken up by Gary Lamb, Manx chief executive, and former CFO, for an interim period. Manx Telecom is the island’s leading provider of fixed-line, broadband and mobile services.

It floated on Aim in February 2014, raising nearly £160m, in an offer that was 1.7 times subscribed. The firm’s share price dropped 2.9pc yesterday on the news to 182.5p.