T Clarke recovers £1.4m of fraud cash

Grant Prior 6 months ago
Share

T Clarke has struck an out-of-court deal with a former employee to recover £1.43m in swindled cash.

The building services firm unearthed the fraud last October at its  mechanical contracting subsidiary DG Robson Mechanical Services.

Clarke put the cost of the fraud at £3.3m after it discovered a former employee had been cheating the company for years.

In an update to the City today Clarke said “it has reached an out-of-court settlement with a former employee of DGR and related parties in respect of the misappropriated funds.”

It added: “Under the terms of the settlement agreement, the Company will receive aggregate cash payments of £1.43 million on or before 31 December 2017 (unless the Company agrees to an extension of the final settlement date) in full and final settlement of all claims by the Company and its subsidiaries against the individual concerned and related parties.

“The Company continues to pursue other third parties in order to recover the balance of the misappropriated funds.

“It is too early at this stage to estimate the quantum of any further recovery.”

Latest news

Kier saves 200 Carillion staff jobs to complete JVs

150 smart motorway contract staff jobs saved with 50 HS2 contract staff set to follow
6 hours ago

ISG wins Lunar Rise trio of resi towers in Birmingham

Off-site construction to play major role when work gets underway this summer
6 hours ago

Site safety stand-down to cover whole of construction

Stop. Make a Change initiative expands beyond original infrastructure sector
6 hours ago

Builder picked for £50m Royal College of Art campus

Work to start this summer on new STEM teaching building in south London
5 hours ago

Crane knocks scaffolder off lorry

Court hears how contractor failed to safely manage loading onto a lorry
5 hours ago

Network Rail to pay Carillion workers for next three months

Suppliers will also be paid for work carried out post-insolvency
3 days ago

Cleveland Bridge opens Newport office

Steelwork contractor targets expansion in Wales and the south west
5 hours ago

Boost your online presence with the new Enquirer Directory

New site for suppliers and buyers will showcase their products, services and latest stories
3 months ago

Carillion bankers set up £225m fund to help subcontractors

Task force launched to help stricken supply chain
4 days ago

HS2 reveals 3.4km Colne Valley viaduct design

New sleek-look railway viaduct will be one of the longest in the country
3 days ago

Barratt to build 2,700 homes in Swindon

House builder will invest over £180m in infrastructure and housing
3 days ago

Balfour Beatty in talks to head off more Crossrail strikes

Unite union announces plans for four more days of industrial action
3 days ago

Survey drone hits crane on construction site

Air accident investigators called in after drone strike
3 days ago

CITB calls on contractors to save Carillion apprentices

Skills body could be £3.8m better off following collapse
4 days ago

Betting Spy: West Ham and Leicester at the double

Hammers can beat Bournemouth despite yet another injury to Andy Carroll
4 days ago

Opinion: Carillion legacy must be pay and procurement reform

Carillion car-crash must finally jolt industry and government into action
4 days ago

Barratt London shelves 27-storey Aldgate tower project

Barratt abandons Phase 2 of city fringe tower scheme
5 days ago

Banks pledge not to pull plug on Carillion subcontractors

High street lenders promise raft of measure to help small businesses
5 days ago

NAO challenges value of PFI contracts

Little evidence PFI offers more construction cost certainty or operating efficiency, says watchdog
4 days ago

Skanska UK on alert as group plans 3,000 job cuts

Skanska Group says UK business focus to switch to core markets
5 days ago

Sheffield United submits plan for South Stand

Championship club plans landmark stand raising capacity to 38,000 seats
4 days ago

Kier fined £100,000 for hospital oil spill

Leak at Dorset hospital site lands contractor in court
4 days ago

Carillion sites still on hold as hopes rise for services deals

Insolvency Service update gives hope to suppliers
5 days ago

Subcontractors left stranded by Carillion “early payment” system

Millions sitting in controversial system may never reach suppliers
5 days ago

Crunch day for over 8,000 Carillion staff

Carillion went bust with just £29m left and would have been out of cash today
5 days ago

Balfour tipped for Carillion’s Leeds ring road job

£115m East Leeds Orbital Route contract consolation for Balfour after £45m hit
5 days ago

Colmore Tang offers early payment to Carillion subbies

Birmingham contractor to speed-up payments to its suppliers hit by Carillion collapse
6 days ago

Lendlease launches £1.5bn build-to-rent partnership

First £450m tranche invested in private rental build at Elephant & Castle
5 days ago

Government fast-tracks probe into Carillion directors

Business secretary extends investigation into actions of directors and auditors
6 days ago

Race starts for £8.7bn Highways England framework

New approach will allow smaller contractors to take part in regional roads delivery
6 days ago

Contractor services