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T Clarke to get back £1.43m of misappropriated funds

By BFN News | 08:27 AM | Monday 17 July, 2017

T Clarke has agreed an out-of-court settlement over misappropriated funds from its wholly-owned subsidiary, DG Robson Mechanical Services Limited. T Clarke - which announced on 31 October that financial irregularities had been found within the accounting function of DGR - said a settlement had been reached with a former employee of DGR and related parties in respect of the misappropriated funds. It said that under the terms of the settlement agreement, the company would receive aggregate cash payments of £1.43 million on or before 31 December (unless the company agreed to an extension of the final settlement date) in full and final settlement of all claims by the company and its subsidiaries against the individual concerned and related parties. The company said it continued to pursue other third parties in order to recover the balance of the misappropriated funds. It said it was too early at this stage to estimate the quantum of any further recovery. At 8:27am: (LON:CTO) Clarke T PLC share price was +1.01p at 85.13p Story provided by

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