BusinessCompany NewsMyTravel fined for concealing accounting inaccuracies

MyTravel fined for concealing accounting inaccuracies

Watchdog hands travel operator a £240,000 fine for failing to disclose £24m accounting inaccuracies.

MyTravel has been fined £240,000 for leaving £24.3m of losses out of its
accounts.

The FSA issued the fine yesterday, finding the company guilty of breaching
the listing rules in the publication of price sensitive information.

The watchdog added that the breach had not been a deliberate breach of the
rules.
The inaccuracies in MyTravel’s accounts came to light in 2002. Reports suggest
the chief executive and finance director at the time decided not to tell
shareholders about the losses when they emerged as they expected to make other
non-recurring gains that would offset the losses.

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