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CANADA: Andres Wines prosecutes ex-employee

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A former employee of Canadian wine producer Andres Wines is to be prosecuted by the company over the alleged theft of up to C$7m (US$6.3m) of company funds.

Andres Wines said the alleged theft by the unnamed former non-executive employee had taken place over several years, describing it as "sophisticated and well-orchestrated". It estimated the amount of money involved at between C$3m and C$7m.

Managers at the company discovered inconsistencies while preparing for its recent year-end audit and hired independent forensic accountants KPMG Forensic to conduct a full investigation.

Andres is confident that only one person was involved in the alleged theft and has said it will not have "any material impact" on the company's financial position or results for the year ending 31 March, which are due to be released on or before 29 June.

The company does not expect the alleged theft to materially impact previously reported earnings. It also believes that a portion of any loss suffered will be covered by its insurance policies.


Sectors: Wine

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