The company has now released its annual report and accounts for year end 31 December 2022 following a four-month delay since the sales fraud was reported in March.

A board shakeup followed the discovery of the fake sales booked by a single staff member. At the time, the company hired FRP Advisory to investigate the nature of the sales reported during the period 1 January 2022 to 9 March 2023, which the company said ‘may have materially misstated the company’s financial position’.

The forensic investigation into the fraudulent sales of $115m (£93m), conducted by FRP Advisory and legal experts, cost an estimated $2.54m in fees.

The scope of the company audit also expanded significantly as sales ledgers and journals all had to be forensically checked and verified, while the audit team size was increased.