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Water company hit by £15m fraud Water company hit by £15m fraud
(about 1 hour later)
An internal audit at Scottish mineral water company Campsie Spring has uncovered a £15m fraud.An internal audit at Scottish mineral water company Campsie Spring has uncovered a £15m fraud.
Campsie's parent company, Greencore, said the loss had been incurred through a deliberate concealment of costs rather than embezzlement.Campsie's parent company, Greencore, said the loss had been incurred through a deliberate concealment of costs rather than embezzlement.
It said the fraud was committed by a former financial controller who left before the problem was discovered.It said the fraud was committed by a former financial controller who left before the problem was discovered.
Greencore has dismissed three managers who had supervisory responsibility for the member of staff responsible. Three managers at Campsie, who had supervisory roles over the controller, have since left the company.
A new managing director and financial director have been appointed at Campsie Spring's headquarters in Lennoxtown, East Dunbartonshire.A new managing director and financial director have been appointed at Campsie Spring's headquarters in Lennoxtown, East Dunbartonshire.
A statement on the Greencore website said concerns about the accounts emerged after an internal audit on 6 June.A statement on the Greencore website said concerns about the accounts emerged after an internal audit on 6 June.
Financial impactFinancial impact
A full investigation was launched three days later and a report identifying the concealment issues was presented to the board on 20 June.A full investigation was launched three days later and a report identifying the concealment issues was presented to the board on 20 June.
The accounts of Greencore have been severely hit by the fraud.The accounts of Greencore have been severely hit by the fraud.
It is understood overall operating profit in this financial year will be reduced by more than £7m.It is understood overall operating profit in this financial year will be reduced by more than £7m.
The company will also have to restate its accounts to reduce profits by more than £6m in 2007 and more than £3m in 2006.The company will also have to restate its accounts to reduce profits by more than £6m in 2007 and more than £3m in 2006.
Greencore said it was taking legal advice on whether any of the cash could be recovered.Greencore said it was taking legal advice on whether any of the cash could be recovered.
It is now conducting "a thorough review" of all its internal control, financial reporting and external audit processes.It is now conducting "a thorough review" of all its internal control, financial reporting and external audit processes.
Greencore bought the Campsie Spring in 2001.Greencore bought the Campsie Spring in 2001.