BusinessCompany NewsS&N uncovers ‘unethical’ sales practices

S&N uncovers 'unethical' sales practices

Medical devices group uncovers issues in sales at company it bought last year.

Smith & Nephew shares fell by 13% yesterday after revealing that it had
uncovered ‘unethical’ sales practices in a company it bought last year.

The practices have led to the hiring of lawyers and forensic accountants,
The
Times reported
, and will result in £50m in lost revenue.

Most of the unacceptable activity, which are thought to have involved
kickbacks to purchasers, occurred in Greece, newspaper reports said.

‘We have taken prompt, decisive action to ensure that the sales practices we
uncovered within [the company] in continental Europe have been stopped and this
has impacted our performance this quarter and will continue to do so for the
rest of the year.’

Further Reading:

Read
The Times story

Read
the FT story

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor