Former SSL and AAH executives charged with fraud
Five former executives of SSL International and a former director of AAH Pharmaceuticals were charged with fraud on 5 November during an appearance at Macclesfield magistrates' court.
The case has been brought by the Serious Fraud Office and relates to
sales figures produced by SSL for the 25 months to 31 March 2000. During
this time, SSL operated a policy of “trade loading” (forward
buying of products by customers) after which the company was forced
to admit that it had overstated its sales by £22m and profits by £19m
(PJ, 9 June 2001, p772).
The persons charged, and their former positions, are Iain Cater (group
chief executive, SSL), Dieno George (continental Europe managing director,
SSL), Paul Sanders (group finance director, SSL), Christine Davenport
(United Kingdom finance director, SSL), Brian Ruane (UK sales director,
SSL) and Colin Wilson (purchasing director, AAH). All six are no longer
with their respective companies and neither SSL nor any of its present
employees are to be subject to criminal proceedings. A date for the trial
has yet to be fixed and the defendants have been released on bail.
SSL said that it had been fastidious in providing information and assistance
to the SFO investigative team over the past two years and it now considered
the matter closed. |
