TransTec inquiry to end this summer
The investigation into events at engineering firm TransTec, which resulted in complaints being laid against Big Four firm PricewaterhouseCoopers last week, should be completed by the end of summer.
Link: TransTec: A sorry, sorry tale
The Joint Disciplinary Scheme continues to look into the actions of Richard Carr, former chief executive, and Richard Parkin, former finance director. ‘The investigation is continuing,’ said Chris Dickson, executive counsel at the JDS.
The pair, together with Bill Jeffrey, the company’s FD before Parkin, could receive a double blow at the hands of the Serious Fraud Office, which is also investigating the case.
A spokesman refused to name the individuals under investigation, save to rule out former chairman and chief executive Geoffrey Robinson, who became a minister under New Labour in 1997.
However, all three former directors bore the brunt of a scathing department of report into the scandal released last year. ‘It was sad for TransTec that Mr Carr did not choose to focus on the health of the operations under his management,’ said the report.
‘Other senior finance personnel, such as Mr Parkin, followed the lead of Mr Carr and Mr Jeffrey into deceiving the rest of the board, the auditors, the shareholders and the stock market.’
TransTec went into administration in December 1999 after it emerged that the company had agreed to pay £11m in compensation to Ford.