Former boss expelled for role in TransTec collapse
Carr, former TransTec boss, has been expelled from the accountancy profession for the company’s collapse
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