back to article Redcentric CFO quits after botched accounts discovered

The chief bean counter at managed services slinger Redcentric has left the business with “immediate effect” following the discovery of multi-year accounting misstatements that will cost a minimum of £10m to rectify. The London Stock Exchange-listed biz made the admission about fiscal errors to the City this morning, and the …

  1. Geoff Campbell
    Devil

    Honour amongst thieves

    Interesting to notice that Directors never get fired, no matter how badly they've screwed up.

    GJC

  2. Aristotles slow and dimwitted horse Silver badge

    Accounting misshtakes...

    Or did Mr Coleman have a nice short position on those stock prices?

  3. RonSwanson

    It's also interesting how CEOs and Directors always seem to cash in their shares before these types of situations. Impeccable timing, they must just be lucky I guess.

    The normal employees aren't so lucky though.

  4. EngineerAl

    How long can this sort of thing continue?

    If I have a small business, and my accounts are goofed up by showing more profit than actually occurred, wouldn't the problems show up pretty quickly in my bank account (or equivalent)? How can large enterprises kite things for years without some one external noticing?

    1. Anonymous Coward
      Anonymous Coward

      Re: How long can this sort of thing continue?

      "How can large enterprises kite things for years without some one external noticing?"

      EngineerAl, you appear to be thinking like an engineer - using facts, numbers, and logic.

      You need to start thinking like some high flyers in the world of finance. Then all will become clear.

      The end justifies the means.

  5. The Nazz Silver badge

    Hmmmm, previous period Audited Accounts eh?

    And just how much will the highly remunerated, professional Auditors be contributing to the loss of vale?

    What's that i hear? Nothing.

    "Nothing to do with us guv, we just "audited" what you gave us."

  6. Anonymous Coward
    Anonymous Coward

    "1 person has recommended Tim"

    From a Geography degree in 1986 to an Audit Manager job at Price Waterhouse for five years.

    Then five years in finance roles at BT, and another five at Worldcom. Then the gigs started being shorter - with the exception of five years at Northgate, three years was the maximum in any one role.

    You know where I found this don't you. And I don't even have an account.

    See also:

    https://fdrecruit.co.uk/blog/general-news/interview-with-an-fd-tim-coleman

  7. Smoking Gun

    CEO sells in September, November news crashes share price.

    Hmmmmmm. Me thinks an investigation into CEO is required!

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