Property developers Safeland have appointed Grant Thornton as auditors to the company and its subsidiaries with immediate effect, following a conflict of interest with its former auditor.
The firm takes over from Baker Tilly who resigned after Safeland discovered it had been the victim of fraudulent transactions totalling £1.25m.
In October Baker Tilly released a statement to the stock exchange regarding the missing funds.
It said:
“Following the identification by the directors of an alleged defalcation, an unmanageable conflict of interest has arisen, which has led to our resignation.”
Safeland is now in the process of trying to recover the funds and has already retrieved more than £200,000.
The company expects to release its unaudited interim results for the six months ended 30 September 2012 in mid-December.
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