Harland & Wolff, the Belfast-based shipbuilder that built the Titanic, has launched a forensic investigation into £25 million of “misapplied” spending as it prepares to call in administrators.
The accountancy firm PwC and legal experts from Simmons & Simmons have been hired to conduct an internal review over the spending of customer deposits.
The review is also looking into smaller transactions that are alleged to have had “little or no corporate benefit”.
The future of Harland & Wolff, which employs more than 1,000 people, was plunged into doubt this summer when protracted talks over a £200 million taxpayer-backed loan collapsed. Aim-quoted shares have been suspended from trading and chief executive John Wood was forced to step down.
Harland & Wolff’s finance chief Arun Raman