16th Dec 2015 14:05
LONDON (Alliance News) - AssetCo PLC on Wednesday said it has issued formal proceedings against its former auditor over its audit of the company's 2009 and 2010 accounts.
The company, which provides equipment and management to fire and emergency services in the Middle East, said a mediation hearing with the auditor, Grant Thornton, had been unsuccessful in October.
As a result, AssetCo has issued formal proceedings against the auditor in respect of what it claims are negligent audits for AssetCo's accounts for the years to September 2009 and September 2010.
The current claim for losses from this period is GBP38.0 million, plus interest and costs of GBP4.3 million, the company said.
AssetCo shares were untraded on Wednesday, having last traded at 300.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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