FBD in the spotlight on the CEO probe

Eamon Quinn

The shares of FBD, the publicly traded insurer, will be closely watched this morning, after its board of directors had ordered an investigation into its CEO, Fiona Muldoon, to Following allegations

The Chief Human Resources filed the complaints and the Bureau subsequently initiated an investigation into Ms. Muldoon.

A spokesman for FBD did not comment yesterday on the length of the investigation. take or if FBD had contacted Fairfax, the Canadian financial giant who helped to recapitalize the Irish insurer three years ago, to inform him about the issues.

In a brief announcement on the stock market, after the markets closed on Friday, the company provided no details about the nature of the "allegations" made against the general manager and about the investigation.

The statement indicated, however, that Ms. Muldoon remain as Executive Director.

"FBD Holdings notes a recent press inquest, concerning internal allegations made against the chief executive, Fiona Muldoon, an investigation into this case is ongoing." The investigation is being conducted taking into account Duly account for the rights of all parties involved.Ms Muldoon remains in her position of CEO of FBD, "the statement to the market said.

FBD shares had a dramatic recovery, from the trough of € 6 per share in 2015, after the insurer suffered losses. 19659004] Ms. Muldoon badisted in the recovery of her fortune and obtained the recapitalization agreement with Fairfax, which implied an agreement on convertible shares. FBD raised € 70m in rescue funds through a 10-year convertible bond – with an annual interest rate of 7% – of Fairfax

FBD shares closed close to 1% higher , at € 10.60 on Friday and soared After the recovery of the crisis, badysts had largely led the insurer to believe that it would start paying dividends again next year.

The insurer was hit earlier this year by winter storms, but costs were lower. that many feared.