PracticeConsultingTomkins chief faces financial scrutiny

Tomkins chief faces financial scrutiny

Industrial conglomerate Tomkins, has called in its auditor Arthur Andersen to investigate the financial affairs of chief executive Greg Hutchings.

The firm has been asked to look into the use of four corporate aircraft owned by the company. It is alleged that Hutchings used them to fly to his holiday home in Portugal.

An inquiry into Hutchings began after the new chairman of the company David Newlands discovered Hutchings’ wife and housekeeper were once on the company payroll.

The investigation into financial dealings of the company – which owns US gun maker Smith & Wesson – comes as the value of the company has plummeted from £4.4bn to £1.5bn in the last two years.

Newlands, said: ‘I need to find out whether these matters were properly authorised and on what basis. Were there proper disclosures made and were there Inland Revenue submissions made.’

Andersens will be required to examine whether Hutchings’ perks – rumoured to also include use of luxury London flats – were detailed properly in remuneration reports.

Links

Tomkins website

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