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
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
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.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements