The board of Seven West Media will commission a second independent investigation into former employee Amber Harrison, who alleges she was mistreated by the company in the wake of a sexual relationship with its chief executive Tim Worner.
After meeting nearly every day this week since the story first broke on Sunday, the board announced on Thursday morning it wants another inquiry.
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Seven executive's extra-marital affair in legal battle
Legal stoush after Seven West Media boss Tim Worner's messy affair with a 35-year-old executive assistant goes public after negotiations breakdown.
Seven's share price dropped from 81¢ to 74¢ earlier this week, but closed at 80¢ on Wednesday. However, concerns over the chief executive's future has rattled investors.
"To allay any concerns that our shareholders may have the board has determined it prudent to commission a further independent inquiry to establish all of the facts so as to confirm that all necessary matters have been and were taken into account," the company announced prior to stock market trading on Thursday.
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"The board will work quickly to appoint an appropriate independent expert to undertake the inquiry and to report back to the board as soon as they deem it practical."
"The board continues to support the CEO, and the processes and decisions made based on the information at the time Ms Amber Harrison's credit card misuse, and subsequently the existence of her relationship with the CEO, was brought to the attention of the company two years ago."
Two years ago the board hired an independent accounting firm to "establish the facts behind the misuse of Ms Harrison's corporate credit card and to produce a comprehensive report".
Ms Harrison's termination and settlement were based on this report.
Earlier this week Ms Harrison, or a representative, emailed journalists directly with a salacious story about her affair with Mr Worner and how she was subsequently treated by Seven West Media once the relationship and her employment conditions broke down.
More to come