More fraud discovered at Safeland

Another quarter of a million pounds of fraudulent transactions discovered at property developer

12 Nov 2012 Accountancy Age

By Kevin Reed

MORE fraudulent transactions have been discovered at listed property developers Safeland.

Another £265,000 in fraudulent transactions have been discovered at Safeland, taking the total of misappropriated funds to more than £1.5m.

The developer is in the midst recovering £700,000 of the funds. "The company continues to trade in the usual way, despite the events disclosed in this announcement," it said in a statement to the stock exchange.

Auditors Baker Tilly quit the role soon after the discovery of the initial lost funds due to "an unmanageable conflict of interest". A replacement has yet to be named.

Its share price fell 1.5p in this morning's trading, to 5.25p.

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