April 24, 2020 / 6:34 AM / a month ago

Lookers flags 4 million pound charge hit as fraud probe underway

April 24 (Reuters) - UK car dealerships Lookers said on Friday it expected to take a 4 million pound ($4.93 million) charge in 2019, after an initial investigation found misstatement in debtor balances and “a number” of fraudulent expenses claims at one of its divisions.

The company, which represents 31 vehicle brands in the UK and Ireland, added that it was extending its investigation across all its operating divisions after initial indications showed some balance sheet accounts were not “fully reconciled”.

Lookers could take more charges after extending the investigation across all its divisions, it added.

$1 = 0.8109 pounds Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich

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