Did you know that there is a version of The Construction Index for the USA? Visit the site No thanks
Follow us on Twitter Follow us on LinkedIn Follow us on Instagram
Daily construction news
Weekly plant news

Construction News

Thu December 08 2016

Related Information
Related Information
Related Information
Related Information

News » UK » T Clarke alleges £2.8m employee theft » published 1 Nov 2016

T Clarke alleges £2.8m employee theft

T Clarke is investigating “financial irregularities” in the accounting function of one of its subsidiaries, DG Robson Mechanical Services.

The building services group said that “from initial investigations, it would appear that funds in excess of £2.8m have been misappropriated by an employee over a number of years”.  

T Clarke said it has “taken appropriate action”, including the appointment of professional advisers to assist with its investigations and recover the stolen funds.

It added: “Investigations indicate that the incident is limited to DG Robston and does not impact the wider T Clarke 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 operations of DG Robson are being transferred to T Clarke’s main London M&E business where “additional control measures” are in place. T Clarke said this process will now be accelerated and DG Robson's operations will be fully integrated into the London M&E business by the end of this year.

T Clarke said it would provide a further update in its next planned trading statement on 17 November 2016.

MPU

Download our free construction news iPhone / iPad app. Sign up to our FREE email newsletters or subscribe to our RSS feed for regular updates on the latest Construction News, Plant News, Contract News & Supplier News. The Construction Index also provides the latest Construction Tenders, Construction Market Data & Construction Law Commentary all FREE.

This article was published on 1 Nov 2016 (last updated on 2 Nov 2016).

More News Channels