Companies / United Kingdom
Greencore Hit By Fraud At Mineral Water Division
June 2008 | Company News AlertIrish food group Greencore has uncovered a EUR12mn fraud at its Scottish mineral water division. Greencore claims that a former financial controller at the Campsie Spring mineral water unit deliberately concealed costs, and the firm has announced that operating profits for 2006 and 2007 will have to be restated by EUR4mn and EUR8mn, respectively. This unexpected revelation has caused the firm's share price to slump (see graph) and raises questions about the long-term viability of the bottled water
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