Court date set for chiefs from former McAlpine division

Three former directors of Slate, previously a subsidiary of Alfred McAlpine, will appear in court next week to answer charges of fraud after an internal audit probe uncovered accounting irregularities.

Christopher John Law, former managing director, Paul Michael Harvey, former sales director and Geraint Roberts, ex-operations director will appear before Caernarfon Magistrates’ Court on 12 November 2008, the SFO said in a statement today.

Alfred McAlpine plc reported to the stock market on 26 February 2007 that its internal audit team had uncovered a systematic misrepresentation of production volumes and sales for a number of years by senior managers at Welsh Slate which would lead to a restatement of the 2005 net assets and a reduction in the expected pre-tax profits for 2006.

Although he was not implicated, McAlpine's group FD Dominic Lavelle stepped down as finance director in the wake of the scandal.

The trio are in court after a joint investigation by the Serious Fraud Office and North Wales Police.

'The charge is that between 1 January 2004 and 26 February 2007 they, together and with others, were knowingly parties to the carrying on of the business of Welsh Slate for a fraudulent purpose in that they misrepresented to Alfred McAlpine plc the amount of sales achieved by Welsh Slate, contrary to s.458 of the Companies Act 1985,' the SFO said.

Further reading:

Accounting scandal wipes £11m off McAlpine's books