SBS looks ahead after former finance director is jailed

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SBS Worldwide is looking to the future following the jailing of former financial director Michael Clark, who was convicted of defrauding the firm of more than £1 million.

Clark had worked for SBS since 1994 and been a director since 1997. He pleaded guilty to stealing £1,025,457.65 between 2001 and 2010, in forms such as false expense claims, unauthorised bonuses, and company cheques for personal expenses and cash.

He was convicted in July and sentenced to three years in prison on 11th August at Maidstone Crown Court.

SBS chairman Steve Walker said: “We are delighted to be looking forward to continued growth and prosperity and have worked hard to recruit top management to help us build further business success.”

As the fraud related to prior periods, SBS said it had seen no impact on the financial reserves of the business, which remained strong.

After Clark was suspended from his position in 2010, non executive director Geoff Gillo handled the matter of the fraud.

Walker said this had left the board free to concentrate on the on-going development, such as the launch of a supply chain consultancy, “Virtualized Logistics” and strengthening of its management team.

“We have adapted our business from being trade lane specific to focusing on a supply chain model on three, soon to be four, continents,” he said.

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