BusinessCompany NewsTorex chief attacks his board

Torex chief attacks his board

Suspended chief executive compiles dossier levelling five serious allegations at Torex board

The Serious Fraud Office
has received a dossier from the suspended chief executive of Torex, Neil
Mitchell, levelling five serious allegations against the Torex board and
chairman Chris Moore.

Mitchell was was suspended from the the retail software supplier last week.
His dossier is believed to have sparked an SFO raid of Moore’s home and the
homes of two other individuals, the Sunday Times reports.

Mitchell, who has turned whistleblower in the corporate scandal, alleges that
£2m in fraudulent transactions took place when Torex bought TQIPS. Mitchell
alleges further that £2m of false invoicing was undertaken in the purchase of
Moss House Group.The third allegation relates to false invoicing and and
corporate governance issues related to the acquisition of Retail-J.

Mitchell’s report also alleges that Torex recognised an inappropriate £4m
exceptional provision in 2005, which was taken into the 2006 interim profits. He
has also claimed that Moore traded share in the company when he had full
knowledge to purchase the company.

Moore said none of the allegations had been put to him, and that he was happy
to cooperate with in inquiries. His supporters are convinced of his innocence,
and believe that two indpendent audits by
KPMG and
Deloitte
will prove this.

Further reading:

Torex chief exec: ‘I blew whistle’

Torex ousts chief exec and chairman, as firms called in

Torex books may come under KPMG spotlight 

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

1m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

5m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

5m Alia Shoaib, Reporter
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

8m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

9m Emma Smith, Managing Editor
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

8m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

8m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

8m Emma Smith, Managing Editor