Feeds

Missing assets prompt probe into Granville accounts

Time/Tiny administrators said to be seeking £8m

Providing a secure and efficient Helpdesk

Administrators are trying to work out what happened to as much as £8m worth of assets at the Granville Technology Group, the company behind the Time and Tiny computer brands that went into administration in late July this year.

In a letter to creditors, Grant Thornton says the investigation is centring on the brothers behind the firm, Tahir Mohsan and Tariq Mohammed, the transfer of assets to offshore companies, and missing hardware stock.

Apparently, Burnley-based Granville transferred around £3.3m worth of stock to a France-based start up. The shares were put in an "offshore vehicle" The Sunday Times reports, totally unconnected with the parent company.

The Sunday Times, which has seen a copy of the letter to the creditors, reports that in addition to the transferred assets, around £4m worth of PCs and other stock is missing. Grant Thornton told us that it could not confirm this number.

"We have no records of the shop stock, so any number here is going to be a shot in the dark," a spokesman said.

Administrators have also been unable to recover minutes from board meetings, and say management accounts have not been prepared for more than 12 months.

The newspaper also reports that Grant Thornton is considering legal action against the directors of the firm.

Granville Technology collapsed at the end of July this year, with the loss of 1,500 jobs. The company was initially thought to owe around £30m, but it later emerged that the debts were closer to £70m.

One of the company's main secured creditors, HSBC, has been informed that it is unlikely to see any of the approximately £20m that it is owed.

At the time of the company's collapse, Granville said it was owed in the region of £11.2m. Grant Thornton now says this is probably overstated. ®

Beginner's guide to SSL certificates

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.