07 May 1998
Powerscreen case referred to SFO
THE Serious Fraud Office is investigating alleged accounting irregularities at Powerscreen International – the Northern Ireland engineer that has suffered unexpected losses.
The SFO apparently made its decision to probe the engineers activities after yesterday viewing a draft version of a report compiled by KPMG – Powerscreens auditors.
The £46.6 million unexpected loss – announced in January – was attributed to Powersecreens Matbro tractor-making subsidiary. The assets of Matbro and Matbro (NI) were sold last week to John Deere for £7m.
- Financial Times 07/05/98 page 21
- The Scotsman 07/05/98 page 25
- The Times 07/05/98 page 29
- The Independent 07/05/98 page 23
- The Daily Telegraph 07/05/98 page 33