Rok, the building group, was yesterday forced to issue a humiliating apology to its suspended finance director of seven years , who has now quit after turning down the company's offer to reinstate him.
In August, Rok said it had suspended Ashley Martin over "serious failings" in financial controls at its plumbing, heating and electricals business, and unveiled its second profit warning in just three months.
But yesterday Rok said the shortfall in profits was actually related to a reduction in sub-contracting work at the division, as well as weak operational, commercial and financial controls. It has hired Sean Cummins, the finance director at Scott Wilson, to replace Mr Ashley.
Rok said it wanted, "to emphasise that Ashley has never been accused of wrongdoing nor have our investigations revealed any evidence of any malpractice". It said it would now meet City forecasts this year.
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