UK: SIG has suspended a ‘number of individuals’ from its staff following the discovery of an intentional effort to overstate the company’s profit in 2016. The discovery followed allegations by a whistle-blower concerning financial irregularities whereby the group’s profit was overstated by up to Euro4.2m in 2016. The affected financial statements will be restated following an audit by Deloitte and KPMG.
According to the Daily Telegraph newspaper, the discrepancies relate to work carried out in 2016 under previous chief executive officer (CEO) Stuart Mitchell. He resigned in November 2016 by ‘mutual agreement’. The group’s former finance director, Doug Robertson, retired in early 2017.
