Alpha Airports FD exits during accounting probe

Alpha Airports FD exits during accounting probe

In-flight catering group loses FD and chief executive as investigation into irregularities continues

Heather McRae and Kevin Abbott, the finance director and chief executive of
beleaguered in-flight catering company Alpha Airports, have abruptly left the
company.

Alpha Airport’s shares were suspended three weeks ago, prompting an
investigation into allegations of financial irregularities related to a
contracts Alpha sealed with Excel Airways, a subsidiary of Icelandic investment
group Avion, the Financial Times reports. Avion has asked its auditors,
KPMG, to look into the issue.

The problem was originally flagged up when PricewaterhouseCoopers withdrew
its approval of Alpha Airports’ preliminary final results. A special committee
has since been established to investigate the matter.

The loss of McRae and Abbott has deepened the crisis facing the company.
Peter Williams, a former Selfridges chief executive and accountant will replace
Abbott and Tim Redburn, a recent chief executive at Simon Group, will act as FD.

The company is searching for a permanent FD as Redburn will only hold the
position for three months.

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