An internal audit at Greencore has uncovered serious fraud of a significant scale at the company's Scottish mineral-water division.
In a statement issued this morning, the company says the deliberate concealment of costs has led to a mis-statement of financial performance for 2006, 2007 and 2008.
The fraud will lead to a €9m reduction in the group's overall operating profit for the current year.
The concealment of costs was undertaken by a former member of staff at the mineral-water business, who left the company before the matter was uncovered.
The three managers with direct responsibility for that staff member have also left the company and a new managing director and acting finance director have been appointed.