Eddy Groves resigns from ABC

This resignation came after shareholder pressure was placed on Mr Groves, although he once maintained he was the best person for the job because he knew the most about company to rebuild the value.

The disclosure and accounting of ABC have long been questioned. Revision of accounts is also being eyed for a $100 million-plus lawsuit, once caused new auditors came in. ABC yesterday again delayed release of full-year results that were originally to be unveiled in August.

According to Stuart Wilson, Australian Shareholders' Association chief executive, Mr Groves' departure might cut some shareholders' reason for investing.

David Ryan, the ABC chairman, expressed thanks for the Groves' contributions for a business. "It was a micro-cap company and they grew it quite successfully in Australia," he said, "As a team, one looking after the education front and the other looking after the strategic front, they had the vision to create this company."

"We inflicted a whole pile of self-inflicted wounds on ourselves in the recent past, but the business we built in Australia is a very sound and excellent-quality business." Said Mr Ryan.