BusinessCompany NewsSFO makes further Torex raids

SFO makes further Torex raids

Serious Fraud Office conducts second round of dawn raids, as Torex probe escalates

Torex Retail, the embattled software group, has been subjected to further
raids as the Serious Fraud
Office
steps up its investigation into the group.

Two homes, in Gloucestershire and Warwickshire, and one office in Banbury
have been raided by the SFO and
City of London
Police
.

The raids follow similar operations conducted in January. Torex has also been
suspended from trading on AIM for alleged accounting irregularities.

Torex announced
yesterday that chairman Chris Moore had resigned from the board with immediate
effect. Chief executive Neil Mitchell has also stepped down, but remains on the
board.

Further reading:

Torex problems may break its banking covenants

Surprising details emerge in Torex bail-out package

Torex appoints new chief exec on Deloitte’s advice

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