TLS, a British subsidiary of GE Capital, found the error last week during the advanced stages of a reconciliation exercise to revalue its assets.
GE Capital is currently combining three businesses – TLS, TIP and Key Lease -into one, which led to the errors being unearthed. The residual value of some vehicles was found to be too high, and an internal team is now working on the problem.
According to GE Capital it is far too early to tell the cost involved, but denied it to was ‘several millions of pounds’ as previously reported.
The company also said that the deficit had in no way hindered proceedings and that it was business as usual.
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