Litigation Capital Management Limited said it sacked executive vice-chairman Nick Rowles-Davies and removed him from the board with immediate effect on the grounds of gross misconduct.
The decision follows the identification of certain expenses claims which have been made in contravention of LCM's Global Expense Guidelines and Policy, the company said in a statement.
“While the breaches are a significant violation of internal company policies, their quantum is not material to LCM's financial condition and performance,” the statement added.