Directors call for SFO probe into Aero collapse
Allegations of fraud at failed airline parts supplier.
The directors of Aero Inventory, the airline parts supplier which was placed into administration last month, have asked the Serious Fraud Office to investigate the company's collapse.
The board believes that a fraud may be responsible for a black hole in the accounts that led to last month's failure.
Allan Graham, Richard Heis and Jim Tucker of KPMG were appointed at the beginning of November after shares were suspended in the AIM-listed company following the discovery of accounting mistakes in a contract. At the time the company stated that it believed the issues were not "a result of either fraud or theft".
The company was valued at £140m when shares were suspended - KPMG have said that shareholders are unlikely to see any return. Investors, including HSBC and Gartmore, are now furious with auditors Deloitte, whom it is claimed were responsible for a monthly stock audit, and JP Morgan Cazenove, the company's broker.
The company's former chief executive, Rupert Lewin, and it's finance director, Hugh Bevan, both resigned after the company's shares were suspended.
Posted at 07:25PM Dec 10, 2009 by Kelly Board in Sport Finance | Comments[0]
