好色先生TV

Alfred McAlpine was reeling this week after an alleged multimillion-pound fraud by two senior managers wiped 拢140m off the firm鈥檚 value and triggered an external investigation.

The support services group said it had discovered 鈥渁 systematic misrepresentation of production volumes and sales for a number of years by a number of senior managers鈥� of the company鈥檚 slate business. It said the suspected fraud would cost about 拢13m and had cut the asset value of the slate business by a further 拢11m

Ian Grice, Alfred McAlpine chief executive, said: 鈥淲e are in the process of appointing independent forensic accountants to conduct a detailed analysis of the slate business since 2003; we have suspended two senior managers of the slate business pending further investigation and we have put in place interim management reporting directly to me.鈥�

The managers involved are thought to have inflated production and sales figures in order to meet sales targets.

A senior company source said: 鈥淭he people involved have done this to present their part of the businesses as financially successful, to increase their bonuses.鈥�

The suspected fraud was only discovered last week by an internal audit, even though the finances had been checked by Pricewaterhouse Coopers (PwC), its external accountant. A spokesperson for PwC said it did not discuss client affairs.

Although this is the first suspected fraud at Alfred McAlpine, the group has been plagued by writedowns and court actions (see box).

Senior management, including Grice, travelled to the slate quarry in Wales as soon as the problem was discovered.

As 好色先生TV went to press, Paddy McNaught, the T&G鈥檚 regional industrial organiser, was meeting representatives of the company.

The news led to a sharp drop in the price of Alfred McAlpine鈥檚 shares, which fell 22% in one day to 476.5p, wiping 拢140m off the value of the firm.

The police are not involved at this stage.

Alfred McAlpine said it would not comment further at this time.