News December 2005 The Mayflower Corporation plc

The Mayflower Corporation plc

19 December 2005


Further to the announcement of 14 September 2005, the Executive Counsel of the AIDB has completed an investigation into the conduct of Ian Shelton, the former Financial Controller of TransBus International Limited (“TransBus”), one of the principal subsidiaries of the Mayflower Corporation plc.

Following the investigation it has been decided to file disciplinary complaints against Mr Shelton.

The Complaint against Mr Shelton relates to irregularities in the operation of an invoice discounting facility at TransBus and will be heard by an independent Disciplinary Tribunal.

Notes to Editors

  1. The Financial Reporting Council (FRC) is a unified, independent regulator. Its mission is to promote confidence in corporate reporting and governance. The FRC incorporates five operating boards: the Accounting Standards Board, the Auditing Practices Board, the Financial Reporting Review Panel, the Accountancy Investigation and Discipline Board and the Professional Oversight Board for Accountancy.

  2. The Accountancy Investigation and Discipline Board ("AIDB") is the independent, investigative and disciplinary body for accountants in the UK. The AIDB is responsible for operating and administering an independent disciplinary scheme (" the Scheme") covering members of the following accountants’ professional bodies:- the Association of Chartered Certified Accountants, the Chartered Institute of Management Accountants, the Chartered Institute of Public Finance and Accountancy and the Institute of Chartered Accountants in England and Wales.

  3. The focus of the AIDB is on cases which raise important issues affecting the public interest; other disciplinary cases will continue to be dealt with by the individual accountancy body of the member concerned.

  4. Disciplinary Complaints filed following an AIDB investigation are heard by an independent Tribunal which will normally sit in public. If the Tribunal upholds a Complaint, there is a wide range of sanctions which it can impose including an unlimited fine, exclusion from membership of a professional body and withdrawal of practising certificates or licenses.

Document created under a former FRC operating body.