Carr struck off by institute

Richard Carr, former chief exec of TransTec

Richard Carr, the former chief executive of car parts manufacturer TransTec,
has been struck off the ICAEW register due to the company’s accounting issues.

Former finance director Richard Parkin was also severely reprimanded by the
Joint Disciplinary Scheme.

Debit notes of £11m issued to TransTec by its client Ford ­ compensation to
the car firm for poor work by TransTec ­ were not properly disclosed in the
accounts and were withheld from the board, auditors and shareholders.

Carr and Parkin admitted to the mistakes before the tribunal, which meant
that no costs were awarded against them.

The tribunal said Carr’s misconduct ‘was of a serious and sustained nature’,
while Parkin’s failings were ‘a serious dereliction of duty’. There was a
‘culture of secrecy’ at TransTec in its accounting, with Parkin criticised for
failing to ‘act with proper objectivity and propriety in that he continued the
culture of secrecy and lack of candour by Carr and Jeffrey,’ the tribunal said.
William Jeffrey was group FD before Parkin and is a lapsed ICAEW member.

TransTec was first investigated in June 2000.