Safeland lines up new FD as it recoups misappropriated funds
Property developer starts tightening up controls as it looks to recover another £500k of stolen funds
A STOCK-EXCHANGE-LISTED property developer has recouped £200,000 from a total of £1.7m that was stolen from the business.
Safeland, issuing its interims for the period to 30 September 2012, revealed that it has recouped a proportion of the funds that it discovered missing back in October. It had previously noted that it expects to recover a total of £700,000 of what was then a figure of £1.5m missing. The further half a million pounds should be recouped before the end of the financial year.
It reported a profit of £104,000 for the period, while £1.2m of the missing funds will relate to the 31 March 2012 year end, with the balance in the current financial year.
Its 2012 numbers have been restated to reflect the misappropriation.
A new finance director will be recruited early in the New Year, while the board is reviewing and implementing additional internal control procedures to “protect against such events recurring in the future”.
Grant Thornton recently replaced Baker Tilly as its auditors.