|
|
|
Companies
Briefs .....
Alfred McAlpine,
the support services group, has uncovered a possible fraud at its
Slate subsidiary that looks set to result
in a £13m restatement for 2006. An internal investigation found a number of
senior managers at the subsidiary, a supplier of natural slate, had
systematically misrepresented production volumes and sales over a number of
years. McAlpine said those involved then attempted to disguise the financial
implications of this by pre-selling slate at substantially discounted prices.
The behaviour and collusion of the managers responsible, said McAlpine, appears to
be “entirely deliberate”, and two senior managers have been suspended.
Cashbox, the ATM operator, has suspended its founder and chief executive
Carl Thomas while it investigates circumstances surrounding his share trading.
In its press release the company outlined purchases of some 300,000 shares made
by Thomas up to 2 February 2007. In that same period he also sold around 1.2m
shares. On 2 February Cashbox announced it had received expressions of interest
that may lead to a purchase of the company. Thomas currently holds 6.91% of
Cashbox’s share capital.
John Anderson, former chief executive of online poker
company 888, has been called in for
an "interview" by French authorities. Anderson is currently an 888 non-executive
director, and while 888 did not reveal why he was being interviewed, it said it
was in consultation with its legal advisers and would make further announcements
when appropriate. This came as it was reported that Paris authorities have
requested interviews with executives from an estimated 20 companies about the
legality of their marketing activities in France, and
The Guardian’s Nils Pratley the request
to interview seems to have created utter panic among companies, demonstrating
that primary legislation - as used in the US - is not necessary to curb
online gaming: some rhetoric and a letter or two can be just as effective.
Nikko
Cordial, the Japanese brokerage at the centre of an accounting fraud,
appears to have confirmed media reports that it is considering taking legal
action against former executives. The company said its responsibility pursuit
committee is, “reviewing the range and the degree of responsibility of those
involved in the subject matter, and measure to pursuit responsibility”. The
fraud concerns serious failures in the controls of
Nikko Principal
Investments. Nikko Cordial added that it would make an announcement as soon
as a decision is made.
Johnson & Johnson
(J&J), the US pharmaceutical company, has revealed that a number of its overseas
subsidiaries may have paid bribes in connection with the sale of medical
devices. Michael Dormer, J&J worldwide chairman for medical devices &
diagnostics, has left the company, stating that he had “ultimate responsibility
by virtue of my position” for the subsidiaries in question. J&J said the
“improper payments” believed to have been made by its subsidiaries in two
small-market countries may fall under the foreign corrupt practices act. J&J
voluntarily disclosed this information to the US
Securities and Exchange Commission and the
Department of Justice.
The $149m settlement between
Deloitte, the audit firm, and Parmalat,
the Italian dairy company that collapsed in 2003, has been approved by a US
court. The now-re-listed Parmalat had accused Deloitte of being among those
responsible for hiding the dairy company's losses and causing its collapse.
March 2007 |
