Dominic Lavelle, finance director at Alfred McAlpine, has become the latest head to roll at the firm following the "extensive and systematic fraud" uncovered at its North Wales Slate subsidiary earlier this year. Matt Henkes reports.
Following an investigation by Ashhurst and Deloitte, the firm has admitted that the fraud, which continued undetected for "a number of years", will cost McAlpine around 30m. The firm says it had made provisions of 40m to cover the bill.
The managing director of the subsidiary Chris Law has been sacked, along with five other senior executives. The operations director of the firm is understood to have been disciplined.
Lavelle agreed to hand over his resignation following the admission that the fraud was allowed to develop while the group finances were under...