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TClarke probe

By BFN News | 07:22 AM | Tuesday 01 November, 2016


TClarke has called in professional experts to investigate £2.8m of missing funds at its wholly owned subsidiary, DG Robson Mechanical Services. The company says initial investigations suggest the funds have been misappropriated by an employee over a number of years. A statement says: "The company has taken appropriate action, including the appointment of expert professional advisers to assist with our investigations and to recover the stolen funds." It adds: "Investigations indicate that the incident is limited to DGR and does not impact the wider TClarke Group. Our findings to date suggest that if anything the group's historic trading results and balance sheet net worth may be understated to the extent that any of the misappropriated funds are recoverable." The board believes that any necessary accounting adjustments in the current period are unlikely to have a material adverse effect on the group's results taken as a whole and, overall, the group remains on track to meet market expectations for the year. As part of a planned reorganisation the business operations of DGR are in the process of being transferred to the group's main London M&E business where additional control measures are already in place. This process will now be accelerated and DGR's operations will be fully integrated into the London M&E business by the end of this year. Story provided by StockMarketWire.com

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