Former Allied Carpets FD disqualified
The Department of Trade and Industry has today announced the disqualification of Allied Carpets finance director David John Pout.
The certified accountant will be disqualified for six years after an investigation by the DTI’s Companies Investigation Branch acting on allegations of unfit conduct.
The DTI said Pout, from Tadworth in Surrey, ‘knowingly inflated sales figures’ and as a result ‘giving an untrue picture of the state of company finances and profits,’ a practice known as ‘pre-despatching’
The inflation of figures took place between 1992 and 1998, and was discovered in an audit in July 1998. The accounting irregularities meant Allied was boosting profits by more than £2m and overstating sales by more than £6m.
The DTI said the overstatement of figures had ‘deliberately concealed’ from Allied’s auditors Ernst & Young.
Pout resigned and was subsequently appointed director of two Hays subsidiaries, where he still works.
Hays said Pout was ‘unavailable’ for comment.