BusinessCompany NewsSecuritas to pay £15m over misreporting

Securitas to pay £15m over misreporting

Investigation revealed uncovering accounting irregularities at its UK cash handling unit

Securitas, the
security services group has agreed to pay back about £15m to the
Bank of England
after uncovering discrepancies at its UK cash handling unit,
Loomis Cash
Management
.

Loomis, which is operated as a joint venture with HSBC and Barclays, has set
aside the £15m provision after discovering recently that it had been overstating
the value of notes held in its sorting process ‘for some time’.

The charge will cover lost interest income to the Bank and the cost of the
Bank’s investigation, which is being led by accountants KPMG, The
Guardian
reported.

The Bank said: ‘As Loomis has misreported the value of bank notes held in its
bank note processing operation, the misreporting has reduced the net income that
the bank gets.’

Further reading:

Accounting
glitch hits Securitas profits

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