Article: No action will be taken against business tycoon ; No action will be taken against Grimsby's wealthiest son, David Ross, in the wake of last year's share scandal.

No action will be taken against Grimsby's wealthiest son, David Ross, in the wake of last year's share scandal.

As reported, the 43-year-old tycoon resigned from three firms, after using a percentage of his shares as collateral to obtain personal loans, without disclosing the information to other board members.

As the news of the deal broke, rocking the financial markets, Mr Ross:

Stepped down from the board of Carphone Warehouse - which he co- founded in 1989 - on Monday, December 8.

Resigned from his roles as chairman of the board and non- executive director of coach operator National Express on Tuesday, December 9.

Was asked to quit his job as chairman of Cosalt Plc on Friday, December 12 ...

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