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Earthport CEO jumps ship as firm chases franchise payment

20 January 2010  |  7087 views  |  0 graph 2

Earthport chief executive officer James Bergman has resigned from the UK-based payments firm "with immediate effect", as rumours swirl about the future viability of the international money transfer business.

Bergman's resignation was signalled in a terse stock exchange statement. His duties have been taken on by the company's Executive team.

Shares in the loss-making company have sunk recently amid concern over a missing £3.25 million pay-out expected from a franchise deal signed with Zink Financial.

In a statement, Earthport says: "Members of the Executive Team have recently been engaged in a constructive dialogue with the principal of Zink regarding receipt of the payment due on 21 December 2009. Earthport expects to make further announcements as appropriate."

The statement reassured the markets, which marked the shares up four per cent to 13 pence, still way off a year high of 80 pence.

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