Property firm Safeland’s bill over the alleged fraud of its former finance director has widened to £1.7 million, the company said today.
The north London company first uncovered the losses in October, saying it had discovered “a series of fraudulent transactions” a month after Paul Davis resigned as finance director.
Davis was arrested on suspicion of fraud by false representation last week and bailed to appear again next month, according to Property Week. He has not yet been charged. A Metropolitan Police spokesman said enquiries are continuing. When Safeland first revealed the alleged fraud two months ago it put losses at £1.25 million although an extra £450,000 loss has been uncovered since then.
The board hopes to recover up to £700,000 by the end of the year but chairman Ray Lipman said: “It is too early to predict how much, if any, of these funds can be recovered and no allowance for any potential recovery has been made.”
The board will recruit a replacement finance director early in the New Year and is reviewing its processes to ward against a repeat of the losses.
