Alfred McAlpine plc have uncovered material accounting irregularities at their Welsh Slate subsidiary in Wales, where a new £6million factory was opened last year (see NSS July issue).

An internal investigation by Alfred McAlpine\'s internal audit team has uncovered what it describes as "a systematic misrepresentation of production volumes and sales for a number of years by a number of senior managers at the Slate subsidiary".

In addition, say McAlpine, "those involved sought to conceal the financial implications of their actions through the pre-selling of slate at substantially discounted prices.

The Board believes that the behaviour and collusion of the managers responsible has been entirely deliberate and involves the possibility of fraud.