Marcellus Investment Managers, a portfolio-management firm, has suspended an employee for violation of the company’s code of conduct. Investigation is still to be completed.Meanwhile, the company has appointed one of the Big Four to look into the matter and analyse the situation and issues. The investors of the company have been formally informed of the matter via an email.
The said junior employee will be facing action if proven guilty. The firm received information from a member of their workforce about the potential violation of code of conduct by the said employee. Till the investigation is over, the employee will remain suspended.
However, Marcellus has assured that its operations will not be affected in any manner by the said violation.
Earlier this year, Tata Consultancy Service had suspended four employees who had been found to have violated the firm’s code of conduct. The discovery was made following a complaint received from a whistleblower. The company then went ahead and barred an unspecified number of vendors who provided talent on a contractual basis.
The 35 staff members had been indulging in “unacceptable practices’ that were ethically wrong. Complaints had been received from whistleblowers about authority being abused and conflict of interest among others. This had led to investigations, following which three more staff members were fired for sexual misconduct.
It was later discovered that the hiring process at the company was compromised.Three staffing firms had also been blacklisted.