PracticeConsultingByers orders inquiry into the collapse of TransTec

Byers orders inquiry into the collapse of TransTec

Trade secretary Stephen Byers has ordered an inquiry into the collapse of TransTec, the firm founded by ex-Paymaster General Geoffrey Robinson.

The engineering firm is in receivership after being locked in a dispute with Ford over £11.25m the motor company claims it is owed.

The inspectors have been asked to concentrate their investigation on the accounting treatment of a claim against the company for £18m and the extent to which the claim and other matters were disclosed to shareholders and the public – and on the reasons for the downfall of the group.

Byers said: ‘There are clearly a number of serious issues regarding the collapse of TransTec which the public interest requires to be investigated by independent inspectors. I have emphasised to the inspectors that their prime objective must be to provide me with a full report as quickly as possible consistent with the need to undertake a fair, thorough and professional investigation. I have also asked the inspectors to report in a form which will enable the report to be made public.’

Robinson was non-executive chairman of the engineering group until May 1997, when he was made a minister. He insists he played no part in the Ford dispute. Robinson left the government a year ago following the emergence of a £373,000 home loan he made to fellow minister Peter Mandelson.

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