'Serious case' of employee financial theft hits Accell - BikeBiz

'Serious case' of employee financial theft hits Accell

Theft could impact on net profit up to €4 million
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Accell Group, owner of Raleigh UK, Haibike, Koga, Diamondback and more, has discovered a "serious case of financial theft" by one of its employees in Taiwan.

A maximum of €4 million is expected to impact on Accell Group's net profit, although the investigation into the events and the damage is ongoing.

The firm said that the results for the second half of 2015 appear to be better than expected and it still expects to report an increase in net profit in the second half of 2015 compared to the same period of 2014, in line with the outlook published in the trading update in November, despite the estimated damages ensuing from the theft.

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