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Three former AssetCo plc executives ‘excluded’

08 August 2018

The FRC has announced the exclusion from the accountancy profession of three former executives of AssetCo plc. A disciplinary tribunal found they had committed misconduct in relation to the preparation and approval of the company’s financial statements for the years 2009 and 2010.

Asset Co was an AIM-listed fire and rescue services business that provided fire engines to the London Fire Brigade. As a result of the misconduct AssetCo substantially restated its financial statements in 2011 (£146m reduction in assets, £25m reduction in profit), and significant loss was caused by the collapse in the share price from 60 p to 1.75p.

The dishonest conduct of management was concealed, by FRC opened its investigation in late 2014.

A total of 27 allegations of misconduct came before the tribunal. On top of findings of dishonesty and failings to act with integrity, objectivity and competence, they also misled the auditors Grant Thornton.

Former CEO John Shannon has now been excluded for 16 years and fined £250,000, CFO Raymond ‘Frank’ Flynn for 14 years with a £150,000 fine, and financial controller Matthew Boyle for 12 years with a £100,000 fine.

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