The Institute of Chartered Accountants in England and Wales (ICAEW) has just given Richard Carr, former TransTec chief executive, a lifetime ban for misconduct of ‘a serious and sustained nature’ in relation to the collapse of the motor parts business founded by Geoffrey Robinson, the Labour MP.
Richard Parkin, TransTec former finance director, was severely reprimanded for a ‘serious dereliction of duty’ after an investigation by the Joint Disciplinary Tribunal, according to The Times.
The two executives are the latest in a line of people and institutions to be publicly censured for conduct associated with the TransTec collapse.
In 2006, PricewaterhouseCoopers, the former TransTec auditor, was fined £1.5m for ‘deficient’ audit work while Carr and seven other TransTec executives were banned from acting as company directors for 42 years.
Bill Jeffrey, another former finance director, received a suspended prison sentence in 2006 after pleading guilty to fraud in relation to his role in covering up an £11m compensation payment to Ford. Carr was charged but later acquitted of seven fraud charges in the same investigation.
Further reading:
TransTec auditors pick up the second largest bill in JDS history
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