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Baker Tilly Decides to Resign from Safeland Over Conflicts of Interest
October 28, 2012
Baker Tilly has announced that it is resigning from its role as auditor of Safeland. They said that they have faced a conflict of interest that could not be resolved.
Baker Tilly has said that there is evidence that a director involved in the case may have misappropriated funds. They allegations against the director have not been proven, but have still led to a conflict of interest. This prompted Baker Tilly to resign as auditor of the property developer. Baker Tilly hasn’t elaborated on why the situation was a conflict of interest.
Safeland observed a series of fraudulent transactions near the beginning of October. The transactions amount to nearly £1.25 million. Approximately half of the misappropriated funds occurred before the end of March. Some of the funds have already been recovered and the firm expects to recover the rest by the end of the year.
Baker Tilly declined to comment on the matter. A representative from Safeland has stated that the executive is on vacation and unable to answer any questions.
Safeland reported the fraudulent transactions to Reuters on October 11, stating that the discovery hasn’t effected their course of business.