Ousted Triad chief seeks independent inquiry

Damian Reece City Editor
Friday 26 August 2005 00:00
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The suspended chief executive of Triad Group, an IT services business with sales of £46.2m, has called for an immediate independent investigation into accounting issues at the company.

Mira Makar has been suspended on full pay since February. In December she initiated an investigation into certain financial and accounting issues at the company and hired Egan Roberts, a firm of auditors, and Stork, a risk assessment company, to help carry out the investigation.

A statement issued yesterday on her behalf said: "Shortly after these investigations began to uncover matters of some concern and she had notified the company's stockbroker, the two professional firms were stood down and Ms Makar suspended. Both firms have reported that the company stopped their work."

John Rigg, Triad's chairman, who has assumed Ms Makar's responsibilities, did not comment when contacted yesterday. Its annual results announcement in July revealed that in the opinion of PricewaterhouseCoopers, Triad's auditors, it had failed to keep proper accounting records as required by section 221 of the 1985 Companies Act. Triad said at the time: "Appropriate steps have been taken to address these issues ... and it has not impacted on the ability ... to prepare financial statements."

It said PwC had indicated it would issue an unqualified opinion on the financial statements, but Ms Makar said PwC had not given any firm undertaking as to its intention on this matter.

She said neither she nor shareholders had been told why she had been suspended. She also said the board had been asked to approve the July results announcement without the chairman's statement or company's accounts being circulated to directors before the relevant board meeting.

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