Financial watchdog launches probe into WoodGroup
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Financial watchdog launches probe into WoodGroup
Financial watchdog launches probe into Wood Group. Independent review found “cultural failings” with its accounting practices. Wood Group warned in April that it had to restate its accounts from previous years.
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Google The Wood Group said it would cooperate fully with the FCA on the investigation
Engineering giant Wood Group is being investigated by the UK’s financial watchdog following an independent review which found “cultural failings” with its accounting practices. The Financial Conduct Authority (FCA) probe will look into the period between January 2023 and November 2024. A Wood Group spokesperson said the company would cooperate fully with the investigation. The Aberdeen-based group, which provides oilfield and engineering services, warned in April that it had to restate its accounts from previous years.
It also delayed the publication of results for the 2024 financial year, which were due at the end of April. This meant its shares have since been suspended from trading on the London Stock Exchange.
‘Inappropriate pressure’
Source: https://www.bbc.com/news/articles/cx2k0pr3weko