Torex woes deepen as fraud office launches probe

, the under-fire software group has suffered a further dip in its
fortunes after Serious Fraud
 investigators launched a probe into the company’s affairs.   

The SFO, supported by City of London police officers swooped on two
residential addresses in Oxfordshire and another in Warwickshire. The raids came
after the company was forced to suspend its shares on the AIM index as it issued
a profit warning to shareholders.

There have been no arrests made as yet, the SFO said but the news will come
as scant consolation to the company after delayed contracts problems saw Torex’s
borrowing at year-end rise £23m higher than expected.

The company is the subject of an ongoing investigation by the London Stock
Exchange following its share suspension, and is believed to have approached
KPMG to carry out an
independent review of its books.     

Related links:

Torex books may come under KPMG spotlight

Torex set to lose finance chief

FD leaves company after seven weeks

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