Speedy Hire uncovers accounting problems, CEO steps down

British construction equipment provider Speedy Hire (SDY.L) said its chief executive was standing down and that the finance director of its international unit had been suspended after it uncovered accounting irregularities. The company said on Thursday that, based on the information it had available, control processes within its international division had been repeatedly and deliberately circumvented. Group Chief Executive Steve Corcoran will step down from the board and leave the company at a date to be finalized, the company said. Speedy Hire said the issues were limited to smaller contracts in its international division, which operates mainly in the Middle East and accounts for 5 percent of group revenue.



via Business News - Yahoo Finance http://finance.yahoo.com/news/speedy-hire-uncovers-accounting-problems-190922454.html