Called To Account

摘要

Six directors have been suspended at subprime lender Catties as part of an investigation by Deloitte into serious accounting irregularities and alleged breach of banking covenants. The West Yorkshire-based doorstep lender also issued a second profits warning for its 2008 financial year and admitted it would have to restate its annual profits for the previous year. It has already delayed its 2008 figures once. Catties also has loans of more than ￡3bn and has been forced to stop new lending. Directors of insurance company Resolution, which was sold to Pearl Assurance last year, are under investigation by the City regulator. CFO Jim Newman is among those being probed by the Financial Services Authority, along with company founder Clive Cowdery. Resolution's chief executive, former FSA chief John Tiner, is thought not to be part of the investigation. The FSA said it would not comment on the investigation.