Former DAS Insurance CEO Paul Asplin is standing trial at Southwark Crown Court.
Asplin allegedly failed to declare his stakes in two claims service providers, according to reports. He allegedly passed on a significant body of claims work to the firms without disclosing his financial interest in any partnerships.
The criminal trial, which commenced yesterday with the prosecution opening its case, is also considering fraud charges against David Kearns, former claims director at DAS Insurance. He also owned stakes in the claims service providers.
Several others are also accused fraud and related charges.
Southwark Crown Court heard from the prosecution that Asplin and his co-accused kept their stakes in the claims service providers from DAS Insurance, in order to protect the terms they enjoyed.
The trial continues.