The founder and chairman of SFI Group who yesterday resigned after the discovery of a £20m black hole in the company accounts will not receive a penny.
Mr Hill (pictured), who stepped down as chief executive in April, quit after his position at the group became untenable.
It was during his tenure as chief executive, a position he stepped down from in April, that accounting errors were made.
These include an overstatement of assets and an understatement of liabilities to the tune of £20m. The company also overestimated the amount of cash that would be generated by the Parisa units it bought last November by £10m.
The founder has in the past been accused of almost gearing the company to death.
Last year Mr Hill sold close to £1m shares and saw his pay double to £460,000 despite stepping down to a non-executive.
"He has moved further away from the business and taken more cash out," said one analyst.
He has overseen lots of management changes including three finance directors in little more than a year. As the industry is now witnessing, the company is paying the price for not having the financial controls in place to accompany its rapid growth.
Shares in SFI suspended (12 November 2002)