FRC CLOSE INVESTIGATION INTO FORMER TOREX CEO

The Financial Reporting Council (FRC) have announced the closure of the investigation into the conduct of Christopher Moore, a former Member of the ACCA and former executive of Torex Retail plc (Torex).

Following the conclusion of this investigation, it has been decided that there is insufficient evidence of misconduct during the period in which Mr Moore was an ACCA Member and therefore subject to the FRC Accountancy Scheme to give a realistic prospect that a Tribunal would make an adverse finding against Mr Moore. Consequently, no further action will be taken and the case in relation to him will be closed.

Mr Moore, former CEO at Torex, was convicted last year alongside Torex's accountant Mark Woodbridge and former chairman Robert Loosemore of conspiring to defraud the former AIM-listed company's shareholders between May and August 2006, by falsely inflating the cash/bank revenue figures of the company's interim results by £6.5m. Woodbridge was jailed for three years and ten months, Moore for 30 months and Loosemore for 20.