How we use Cookies

Two suspended over Hargreaves Belgian "overstatement"

TWO PEOPLE have been suspended and KPMG has been appointed to carry out an investigation into an "overstatement" of stock values and credit notes at Hargreaves Services' Belgian subsidiary.

Hargreaves
Hargreaves

TWO PEOPLE have been suspended and KPMG has been appointed to carry out an investigation into an "overstatement" of stock values and credit notes at Hargreaves Services' Belgian subsidiary.

The Esh Winning mining and industrial services group said a routine investigation of anthracite stock levels and records had unearthed the problem in Belgium. The two people who have been suspended have management contracts with Hargreaves in Belgium.

The company said in a statement: “We have no reason to suppose that the implications of this event extend beyond our Belgium operation which contributed £2m of operating profit in the last financial year.

“It is difficult for the board to evaluate the potential financial impact of this event at this early stage but for conservative guidance purposes the board does not believe that the potential impact of this balance sheet write off could exceed £15m.”

 

Journalists

Dan Warburton
Chief News Reporter
David Whetstone
Culture Editor
Adrian Pearson
Regional Affairs Correspondent
Angela Upex
Head of Business
Mark Douglas
Chief Sports Writer
Stuart Rayner
Sports Writer