Charter suspends staff after finding £6m hole in accounts
Tuesday 28 January 2003
The engineering company Charter has suspended three employees after uncovering an accounting black hole affecting its 2002 financial figures as well as the financial results of previous years.
The accounting irregularities concern one of its business units within its air and gas handling business in the US and could mean that the company's total underlying operating profits for 2002 will be about £6m below management's expectations.
In addition, Charter said that its reported financial results for an unspecified number of prior years may also have been overstated to the tune of about £4m in total.
As a result, three employees, including two in the US unit's finance department and one in general management, have been suspended pending further enquiries.
The black hole emerged after the company carried out its annual review of its financial results, due to be published in early March. Its auditors are PricewaterhouseCoopers.
Charter said yesterday that its chairman had ordered an investigation into the matter and a team had been sent to North America to assess "the nature and scale" of the irregularities.
"The investigating team has ... found no evidence of misappropriation of assets and believes that the irregularities are confined to one business unit and have no wider consequence for the integrity of the group's financial statements," it said.
Prior to the alert, its house broker ABN Amro had forecast Charter to turn out a pre-tax profit of about £24m for 2002.
- 1 New Zealand 'the best country to work as a prostitute', says sex worker advocacy group
- 2 Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
- 3 Mother 'will allow son's circumcision in return for release from prison'
- 4 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 5 Female Muay Thai champion hustles coaches to give them a beating
Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
Female Muay Thai champion hustles coaches to give them a beating
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
Warren Buffett thinks the poor should stop blaming inequality on the rich
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...