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Microsoft founder Bill Gates sells off G4S shares

Anh Nguyen | June 10, 2014
G4S is still recovering from an electronic monitoring scandal where it overcharged the UK government millions of pounds.

Microsoft founder Bill Gates sells off G4S shares

Microsoft's co-founder Bill Gates has sold the whole of his stake in troubled security and outsourcing firm G4S.

Gates held the shares of 3.2 percent of the company via Cascade Investment, which manages the investments for the Bill & Melinda Gates Foundation Trust.

In a major shareholding notification on 28 May, G4S revealed that Gates had reduced his voting rights to hold less than three percent of shares in the company. A spokesperson for the Gates Foundation told Reuters on Saturday (7 June) that it "no longer had any interest" in G4S.

The security firm had not yet replied to a request for comment at the time of publication.

G4S last month lost its third UK CEO in two years, after Eddie Aston left his job after just seven months in the role.

Previous CEO Richard Morris quit the job last year after the company was accused of overcharging during a prisoner tagging contract. Prior to that, CEO David Taylor-Smith left the company after G4S' shambolic handling of security during the 2012 London Olympics.

After the tagging scandal, G4S was at one point banned from bidding for government contracts, but it is now allowed to tender for them again.

The tagging debacle also contributed to a £135 million charge the company took on its profits for 2013.

 

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