Data hosting provider Phoenix IT has warned that accounting irregularities over an 18-month period would put a £14m hole in its balance sheet.
Shares in the Cloud computing company fell 36% this week after it blamed the irregularities on a manager at its Servo subsidiary in Leeds.
The group suspended the employee in question pending the outcome of an independent forensic investigation carried out by PwC and law firm Nabarro.
About Robert Lovell
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