JJB has suspended chief executive Chris Ronnie following the shares controversy uncovered last week.
In a statement JJB said: “The board of JJB Sports has today suspended Chris Ronnie, the company's chief executive, from his duties under the terms of his service agreement, pending the outcome of an ongoing investigation being conducted by its legal advisers into certain matters.”
Last week it emerged that Ronnie's 27.5 per cent stake in JJB, held through investment vehicle Guro Leisure, formerly Hallco, has been transferred to the administrators of Icelandic bank Kaupthing.
Ronnie said that he was not aware of the transfer or when it took place.
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