$16 million irregularity at Speciality Fashion Group

May 18, 2009 by J-Wire
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A senior employee of clothing retailer the Speciality Fashion Group has been suspended from duties as the company investigates  irregularities reported to be around $16 million.In a statement released last week, the Company said that the funds had been allegedly falsely charged over the last 4 to 5 years to SFG from the property division in which the suspended employee had been working. The Company has enlisted the services of forensic accountants to fully verify and confirm the amount involved.

The Company will be taking all possible steps to recover the funds charged to it although they say that the scope of the recovery remains unclear.

A spokesman for the Speciality Fashion Group told J-Wire: “We will be making all future statements through the appropriate channels.”

SFG is a publicly listed Company, and controls retail chains Millers, Crossroads, Katies, Queen’s Park, City Chic and Autograph.

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