Real estate company McGrath (ASX:MEA) has announced the appointment of two new non executive and independent directors Mr Andrew Robinson and Mr Peter Lewis.
Lewis is a former chief financial officer to Kerry Stokes while Robinson is a corporate law specialist and has represented Paul Hogan in his high profile tax case.
The new appointments come following weeks of media speculation that founder of the company John McGrath ran up a $16 million dollar gambling debt and used the company’s shares as security. This is something that McGrath and the company deny.
The company says that the new board is working on a new corporate plan for the group.
Shares in McGrath (ASX:MEA) closed up 4.88 per cent to $0.43 yesterday.