“WELL-ORCHESTRATED” EMBEZZLEMENT AT ANDRES WINES
Canada’s Andres Wines is threatening to sue a former non-executive employee on charges of embezzlement for allegedly pocketing an estimated $3 million - $7 million. The company reportedly plans to file a notice of action in the Superior Court of Ontario, and believes insurance will cover part of the losses.
"Management discovered certain inconsistencies while preparing for the company's recent year-end audit," the company said in a release.
Andres hired KPMG Forensic to conduct an investigation along with the company’s audit committee, insurers, auditors and management. They called the misappropriation “a sophisticated and well-orchestrated series of events conducted solely by the former non-executive employee over several years."
Despite the charges, Andres does not expect the embezzlement to have much of an impact on the company’s finances or year-end results.
"Management discovered certain inconsistencies while preparing for the company's recent year-end audit," the company said in a release.
Andres hired KPMG Forensic to conduct an investigation along with the company’s audit committee, insurers, auditors and management. They called the misappropriation “a sophisticated and well-orchestrated series of events conducted solely by the former non-executive employee over several years."
Despite the charges, Andres does not expect the embezzlement to have much of an impact on the company’s finances or year-end results.
posted at 9:02 AM
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