RegulationCorporate GovernancePossible fraud at Queen’s dressmaker: former FC sought

Possible fraud at Queen's dressmaker: former FC sought

AIM-listed dressmaker Hardy Amies finds alleged fraud after internal controls review; warrant issued for former FC

A warrant has been issued for the arrest of the former financial controller
of the Queen’s dressmaker Hardy Amies, after the AIM-listed company found
evidence of an alleged £350,000 fraud at the company.

In the company’s prelims, chairman and chief executive Andrew Manders
revealed details of a possible fraud that had taken place at the company before
2005.

The alleged fraud was discovered after Manders had begun an exercise to
introduce stricter internal controls at the dressmaker.

‘Unfortunately, this resulted in the uncovering of the theft of funds from
the business,’ said Manders. ‘The sums involved have been separately
identified.’

‘The matter has been referred to the police and this makes it difficult to
comment in any detail, but an arrest warrant has been issued for the former
financial controller’, he added.

The company posted a £2m loss for 2006 despite a growth in sales. Manders
said company now had ‘green shoots’ from which it would soon enter into
profitability.

Its share price fell by 10% to £1.25 as Accountancy Age went to
press. More details to follow.

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