City watchdog to investigate beleaguered technology company WanDisco following a £93 million sales scandal
The Financial Conduct Authority will review WanDisco’s books after an internal investigation uncovers a suspected fraud
The City watchdog is investigating beleaguered technology company Wandisco following a £93 million sales scandal.
Another setback for the company, whose shares have been suspended from the London stock market, is that the Financial Conduct Authority will review its books after an internal investigation uncovered a suspected fraud.
The Sheffield company said it was cooperating with the investigation after publishing figures that may have misrepresented its financial position.
It has already torn up its 2022 results after finding revenues of £7.8m last year, not the £19m it reported.
Sales bookings came in at £9.2 million, well below the £103 million the company booked. Wandisco said sales entries worth £93 million were therefore completely false.
It develops software that allows customers to move large amounts of data, with clients like Amazon, and says the alleged fraud is related to revenue recorded by “one senior sales associate.”