Wenham Major, a Birmingham-based accountancy firm, has launched an internal
investigation following the discovery of ‘financial irregularities’ in one of
its subsidiary businesses.
Ammar Azam, a director who jointly owns the firm with chairman John Joyce,
began the review of Wenham Major Private Client Limited, which operates as a tax
planning business for high-net-worth individuals, after he uncovered
discrepancies in the business.
John Joyce, who is in hospital and was not immediately contactable, ‘is
currently the primary subject of the company’s investigations’. A statement from
Wenham Major Global Capital Partners said that as a result of preliminary
findings, the firm plans ‘to issue proceedings against John Joyce. John Joyce’s
staff are cooperating fully,’ the firm said in a statement.
The statement added that the general accounting practice, Wenham Major
Limited, run by Azam, ‘continues to operate in a professional manner and is not
the subject of any suspicion’.
Wenham Major shot into Accountancy Age’s Top 50 league table in 2006 and last
year jumped 20 places to reach 23rd position in the annual table of accountancy
firms’ fee income.
In 2007 the firm reported £10.5m in tax fee income compared to £1.9m for the
general accounting practice, growing at a rate of 92% compared to the average
growth rate for the Top 50 of 13%.
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