Aero Inventory to face rascal probe

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THE Serious Fraud Office has started a grave review in to the fall of Aero Inventory, the aircraft components group.

The AIM-listed company, that granted airlines with all from drinks trolleys to air-conditioning filters, was value 140m when it filed for administration department department late last year.

A comparison source pronounced the SFO had perceived a series of allegations per the association and believed there was enough report to inspect either there had been any wrongdoing.

We will be questioning everything, he said. We will try to find out what happened and how it happened.

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Aeros shares were dangling last Oct after accounting errors were detected in a Canadian contract. The companys commercial operation indication was to buy the tools groups of airlines, together with Australias Qantas and All Nippon Airways in Japan, and sell behind the register to them over time.

It reported sales of 440m in 2008 but ran out of money last year and was incompetent to secure an additional 50m from the banks.

Shareholders, together with Gartmore, HSBC and Lansdowne Partners, are doubtful to embrace anything, according to KPMG, the administrator.

The arch senior physical education instructor was Rupert Lewin, who assimilated the Hertfordshire-based commercial operation in 1994. He and Hugh Bevan, financial director, quiescent prior to long prior to it went in to administration.

Lewin set up his own Porsche racing team, that perceived 200,000 in corporate liberality fees from Aero in between 2004 and 2007. Sarah Bennett-Baggs, the racing motorist and radio personality, was commissioned as the group manager.

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