JO - Fraud uncovered at Red Stripe
From my archive of press clippings:
Jamaica Observer
Fraud uncovered at Red Stripe
Saturday, November 03, 2007
FRAUDULENT activity at Red Stripe led the brewer to write off $42 million in "unsubstantiated" receivables and call in "the relevant authorities", said the company.
In a notification to the Jamaica Stock Exchange (JSE) yesterday, the local brewer advised that "bad debts for the year ended June 30, 2007 were $85.2 million, compared to $23.8 million recorded in the previous year".
"Included in this amount was a write-off of approximately $42 million that represented account receivables that could not be substantiated," added Red Stripe. "Subsequent to the yearend, the company conducted a thorough internal investigation, which uncovered a fraud."
The firm said the matter was "now in the hands of the relevant authorities".
Jamaica Observer
Fraud uncovered at Red Stripe
Saturday, November 03, 2007
FRAUDULENT activity at Red Stripe led the brewer to write off $42 million in "unsubstantiated" receivables and call in "the relevant authorities", said the company.
In a notification to the Jamaica Stock Exchange (JSE) yesterday, the local brewer advised that "bad debts for the year ended June 30, 2007 were $85.2 million, compared to $23.8 million recorded in the previous year".
"Included in this amount was a write-off of approximately $42 million that represented account receivables that could not be substantiated," added Red Stripe. "Subsequent to the yearend, the company conducted a thorough internal investigation, which uncovered a fraud."
The firm said the matter was "now in the hands of the relevant authorities".
posted by Consul-At-Arms at 12:15 AM
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