Administrators at KPMG are seeking ways to claw back money from Aero Inventory, the AIM-listed aeroplane parts manufacturer, following concern over director remuneration at the company.
Aero is said to owe more than £300m to its creditors, but reports between 2005 and 2008 reveal that director remuneration rose six-fold from £582,000 to £3.5m after the company began reporting in US dollars, City AM reports.
AI's finance director Hugh Bevan and chief executive Rupert Lewin resigned upon the appointment of KPMG last week.
In a statement earlier this month, Aero said: 'The preliminary results of the ongoing accounting and stock reconciliation investigations show that the stock valuation issue highlighted in the previous announcement is now broader than first thought. Theissue appears to involve not only the accounting book value of stock but also in some instances physical quantities. The Board is also reviewing the accuracy of recent financial reports provided to its banks.'
The board appointed Colin Trupp, previously business developmentdirector, as acting chief executive. Swag Mukerji has been appointed on aninterim basis with responsibility for the Group's financial operations. Mukerji is an experiencedFD, having previously worked with the Priory Group and Biocompatibles International plc.
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