Financial Accounting Blog

Monday, March 29, 2004

Financial Fraud. reports that irregularities found in Mayflower Corp.'s accounting records have caused the share price to plummet.
Shares of Mayflower Corp. Plc, the U.K.'s biggest busmaker, plunged 32 percent after accounting irregularities were found at the TransBus International division and Chief Executive John Simpson and Finance Director David Donnelly quit.

The irregularities relate to "delays in passing on payments from customers to one of the group's finance providers'' and will raise the company's net debt "less than'' 20 million pounds ($36 million), Mayflower said. PricewaterhouseCoopers LLP is carrying out an investigation.