Manager 'bet and lost firm's £7m on horses'

A senior manager is accused of gambling and losing more than £7m of his company's money on horse racing.

Craig Telford is under arrest on suspicion of defrauding K&S Corporation in South Australia.

It is alleged he gambled and lost $21m, around £7.8m, by betting on horse racing.

Telford, 39, was regarded as a rising star in the firm, a trucking empire.

An investigation was launched by the company after one of their cheques bounced, the court in Queensland heard.

The alleged fraud sent K&S Corp shares tumbling.

Investors reacted by wiping out 25% of the company's previous market value of $107m.

Police told The Age newspaper it could be the biggest case of alleged fraud in Australian corporate history