An investigation into possible irregular payments surrounding IMI has been launched, with a number of forensic
accountants examining previous activity.
The firm announced that all necessary action will be taken to uphold the ethical status of the company, up to and including a number of employee suspensions.
In addition to accountants, external counsel will also be involved in the investigation.
To date, it is speculated that the irregular payments under question involve a number of commission agents. Overall, commission agents represent some 20 per cent of all severe service business, or between £60 million and £70 million worth of sales.
The company reports that total commission payments have been in the region of £3 million to £4 million each year in recent times.
In addition to severe service, IMI's other areas of business are fluid power, indoor climate, beverage dispense and merchandising systems.
The total number or value of any improper sales is yet to be ascertained.
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