AMEC to start accounting review after SFO's £4.9m hit
Discovery of irregular receipts received between November 2005 and early 2007 leads to AMEC agreeing with SFO to review its accounting policies
AMEC, the international engineering giant has agreed to pay a £4.9m Civil
Recovery Order to the Serious Fraud Office and review its accounting policies
after the watchdog ruled it had failed to keep accurate records.
In late 2007, the FTSE 100 company uncovered “certain irregular receipts
received between November 2005 and early 2007, amounting to some $9m,” AMEC
said, yesterday.
AMEC said it promptly appointed external advisors to carry out an
investigation and self-reported the findings to the appropriate authorities,
including the Serious Fraud Office in March 2008.
“A subsequent SFO investigation has determined that no proceedings should be
commenced against AMEC or any of its associated group companies,” AMEC said.
“The SFO has concluded, however, that there was a failure to keep accurate
records as required by the companies legislation and that this matter is
suitable for civil resolution,” AMEC added.
“Following detection of these irregularities AMEC is improving its ethics,
compliance
and accounting standards,” the SFO said.
“As part of the settlement AMEC has agreed to appoint an independent
consultant to review these improvements and report their findings to the SFO,”
the fraud watchdog added.