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Torex Retail CEO says he blew whistle on firm -FT

Thu Feb 1, 2007 8:43pm EST

LONDON, Feb 2 (Reuters) - Neil Mitchell, who has been asked to step down as chief executive of Torex Retail TRX.L, told the Financial Times he blew the whistle to Britain's Serious Fraud Office (SFO) on the accounts of the retail software firm.

Regulatory News

Mitchell said in a statement in the FT's Friday edition that he was the "leader of the Torex whistleblowers" and would be seeking his reinstatement under legal protection afforded to people who approach the authorities with information.

There were a total of four whistleblowers who voiced their concerns to the Financial Services Authority and the London Stock Exchange as well as the SFO, Mitchell said.

Torex was not immediately available to comment.

The company, which is being investigated by the fraud office, said on Wednesday both Mitchell and Chairman Christopher Moore were stepping down. Torex warned on profits for 2006 last week and asked for its shares to be suspended.

Auditors Deloitte [DLTE.UL] and accountants KPMG [KPMG.UL] have been called in to look at the accounts of the firm, which makes software for retailers' check-outs, tills and stock books.



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