Ex-Alta Gas execs changes plea to guilty
Ex-finance manager of Alta Gas admits to false accounting and ex-MD to fraudulent trading
Two former Alta Gas senior executives have changed their pleas to guilty
after they previously denying more than 30 alleged offences in relation to the
collapse of Merseyside-based Alta Gas in 2001.
Ex-finance manager Peter Stott, of Turton in Bolton, admitted in Liverpool
Crown Court to six counts of false accounting, involving £2m, while ex-managing
director Peter Bradley admitted a charge of fraudulent trading.
Alta Gas attracted investment from 3i, Mezzanine Management and Barclays
Capital before the discovery of ‘fresh air invoicing’ which had enabled it to
overstate its turnover by £9m and secure finance from lenders, according to
Manchester Business reports.
The court heard Barclays lost £11.5m. Bradley, who fled to Spain where he was
arrested in 2006, will be sentenced along with Scott on April 30.