Watchdog launches investigation into Redcentric’s accounts
The Financial Conduct Authority has launched an investigation into historic overstatements in Redcentric’s accounts.
The managed IT services provider first notified the markets of its accounting errors on 7 November, following which its chief financial officer left the company.
This was followed by admissions in December that it had overstated assets and pre-tax profits by around £20.8m. It brought in Deloitte and Nabarro for a forensic investigation.
Costs relating to misstatements have reached £1m already, said the fi... For the full story register now for free or login below...