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Fraud charges for 3 former Torex execs

Former chairman, accountant and legal director accused of dodgy dealings

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The Serious Fraud Office (SFO) is charging three former executives of Torex Retail Plc with fraud offences.

The company came to the attention of investigators four years ago after a trading update in 2007 which claimed all was well was quickly followed by a profit warning. The SFO raided several properties as a result, and the company's chairman resigned.

The SFO said it was charging three men in relation to offences carried out as Torex went into administration in 2007.

Robert William Loosemore, 45, from Oxfordshire, Mark Gavin Woodbridge, 40, of Warwickshire and Nigel David Horn, 56, from Gloucestershire are all charged with conspiracy to defraud. Loosemore and Woodbridge were also charged with false accounting.

At the time of the alleged offences, Loosemore was the former company chairman, Woodbridge was group financial accountant and Horn was legal director.

The hearing will begin 13 May at Banbury Magistrates Court.

But the SFO said its investigations were continuing and it expects to make a further announcement on 9 May.

The SFO stressed that the investigation was centred on Torex Retail Plc's historic – and now liquidated – business, and not the continuing business of Torex Retail Holdings Limited.

The SFO's full statement on Torex Retail is here. ®

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