10 April 1998
Powerscreen puts out the washing next week
Directors of Powerscreen should know the full extent of the financial irregularities at the group next week.
The company was forced to take a £47m charge after discovering a range of problems at its Matbro subsidiary. Auditors KPMG have been investigating the matter and are expected to report next week.
The irregularities have already led to the departure from the board of Shay McKeown, its chief executive, Barry Cosgrove, finance director, and Patrick Dooey, the executive who was responsible for Matbro.
Shareholders will be notified of the main findings of the report after it has been considered by the board.
Des Doran of Standard Life, one of the companys major institutional shareholders in Powerscreen, said that he had a “totally open mind” about what the KPMG report might include. One of the key problems it will address is when the problems at Matbro were known at executive level.