Fraud Enquiry at Martin UK

Martin Professional UK is at the centre of a fraud investigation following the discovery of financial irregularities at the company. A statement posted on parent company Martin Gruppen’s website headed ‘Irregularities in Martin Gruppen’s UK subsidiary’ runs as follows: “At a meeting today, the Board of Directors was informed that fraudulent actions against Martin Gruppen and accounting irregularities have been discovered in the company’s UK subsidiary. These irregularities date back at least to 1999 and were discovered after a former longstanding chief financial officer and his close subordinate retired. Close examinations by KPMG, Martin’s auditor, of these irregularities call for provisions and write-offs in the amount of DKK 9-10 million (between £732,000 and £814,000) in the current financial period. Once the company’s auditor has fully examined the matter, the case will be handed over to the British police for further investigation and possible prosecution. More details on this in the January 2001 issue of Lighting&Sound International.

Latest Issue. . .