SFI Group, which runs the Slug & Lettuce pub chain, has been left with a £23m accounting black hole, after providing information that exaggerated its financial performance.
It is the first time the FSA has taken action over a breach of the listing rules since it began monitoring listed companies two years ago.
The FSA found that profits of £19.5m for the year ending May 31 2002 were overstated by £6.1m. Net assets of £85.5m were overstated by £23.1m.
The regulator said there was no evidence to suggest the breaches were deliberate, blaming flawed accounting systems and controls.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements