Institutes – Irish ICA to quiz member over Matbro trouble

Barry Cosgrove, former finance director of troubled engineering group Powerscreen, will be questioned by the Irish ICA following an investigation into missing millions in the company’s accounts.

Institute fellow Cosgrove, who resigned from Powerscreen last week along with chief executive Shay McKeown, will be contacted in the next two weeks to answer allegations that he knew of problems at the company’s Matbro subsidiary several weeks before a placing of three million new shares.

If he fails to explain his role, a spokesman for the institute said he would face a full-blown investigation and possible disciplinary action.

At the moment the company’s auditor, KPMG, is investigating how ‘irregularities at Matbro forced Powerscreen to announce a #46.7m provision in January’.

KPMG’s report, which is being overseen by Price Waterhouse, is due in a week and the company plans to announce the results to shareholders soon after.

Related reading