Transbus accountant cleared in AIDB tribunal

The first accountant to be tried before a public tribunal has been cleared of
dishonesty; the complaint against him.

The panel of the first public tribunal held by the Accountancy Investigation
and Discipline Board, delivered its findings today, dismissing the AIDB’s
complaint against Ian Shelton.

The panel found that the AIDB had failed to prove a case of dishonesty
against him.

The former financial controller of Transbus International Limited, a
subsidiary of Mayflower Plc, had earlier admitted to being complicit in
maintaining fraudulent spreadsheets, in order to mislead their bank, HSBC.

The charges against Shelton are part of a bigger case, involving the collapse
of Transbus International Limited, which abused an invoice-discounting facility.

He argued in his defence that he had acted under the instruction of senior

Shelton’s solicitor, Margaret Bromley, said her client was relieved at the
outcome of the case.

‘He has always maintained he was not dishonest. He has been vindicated by the
tribunal,’ she said.

Part two of the hearing against Mayflower and its auditors
PricewaterhouseCoopers began today.

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