Greencore uncovers fraud at Scottish water division

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.

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