Barclays Executive Used Stakes As Collateral

Another executive has revealed he used his shares of a company as collateral to secure a personal loan, according to the Financial Times. This time, Frits Seegers, the head of Barclays' retail and commercial division, pledged his 900,000 shares to

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Another executive has revealed he used his shares of a company as collateral to secure a personal loan, according to the Financial Times.

This time, Frits Seegers, the head of Barclays’ retail and commercial division, pledged his 900,000 shares to fund a share purchase. He told the board after the FSA clarified its disclosure rules for directors’ shareholding in response to the David Ross fiasco.

Listed companies had until today to comply with the rule.

jt

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