Bosses suspended in $16m cash probe

Indiana-based Symmetry, which acquired the Lowther Road business, formerly known as Thornton Precision Components, in 2003, says the irregularities appear to date back to 1999 and could total $16 million.

Symmetry said its audit committee had launched "an independent review of apparent irregularities" over the company's accounting policies and practices at its Sheffield base.

It added: "The review follows a report by management earlier this week to the Audit Committee regarding apparent improper accounting activities at its Sheffield, UK operating unit.

"Based on the information reported by management, certain transactions at issue appear to have resulted in the overstatement of revenues by that unit dating back to 1999."

The company added that employees at the Sheffield plant who are believed to be primarily involved, including its Senior Vice President for Europe, are either no longer with the company or have been suspended .

Among the top management at the plant are Richard Senior, who was managing director of Thornton Precision Components when it was acquired by Symmetry who and is Sheffield Tigers' Director of Rugby.

Symmetry Medical's president and chief executive Brian Moore said: "We are treating this matter with the utmost importance.

"I do want to stress that, based upon available information, we believe that this matter affects only the Sheffield, UK operating unit.

"Changes have been made to the Sheffield site management by the company and I will assume interim responsibility for the Sheffield facility.

"We expect a new Chief Operating Officer for Europe to be in place by the end of the year who will be based at Sheffield and take over responsibility for this unit."