Wandisco lays off nearly a third of its staff as investigation into £93m sales scandal continues
Job cuts: Wandisco set to lay off nearly a third of its staff as investigation into £93m sales scandal continues
Embattled British tech company Wandisco is set to lay off nearly a third of its staff as the investigation into the £93 million sales scandal continues.
It said 30 percent will leave just weeks after the city watchdog launched an investigation into the company.
Ken Lever, the executive chairman, said: ‘Unfortunately, the proposed action is a necessary step to responsibly position Wandisco for long-term growth.’
Wandisco has about 180 employees and will start cutting roles in the US, UK, China, Japan and Australia.
The Sheffield firm suspended trading in shares in March after discovering “significant, sophisticated and potentially fraudulent irregularities.”
It has torn up its 2022 results after finding sales bookings amounted to £9.2 million, well below the posted £103 million, meaning bookings worth £93 million were wholly bogus.
The company develops software so that customers, including Amazon, can move large amounts of data.
Last week, an independent investigation said irregularities could be traced back to one employee.
It cooperates with the Financial Conduct Authority and external investigators.