Staff Member Stood Down As Police Investigate Missing $700k
August 24, 2016 | Business Crime
A Powerco staff member has been stood down and the police called in after $700,000 was found missing.
On Tuesday, police met with representatives of the Taranaki-based electricity and gas distributor to gather more information about the suspected theft.
Powerco chief financial officer Dennis Martin said the fraud was picked up after a number of anomalies in its procurement and financial processes were detected. An internal investigation was then carried out, he said.
"The investigation identified suspected fraudulent activity involving a member of Powerco staff. The staff member has been stood down," Martin said.
Martin said since the matter was now with police and a prosecution was likely, Powerco would not be making any further comment on the matter.
Detective Sergeant Drew Bennett said the investigation was still at an early stage, but it looked like $700,000 had been taken from the company over a period of 14 months.
Details of just how it happened would be the focus of the police inquiry, he said.
"I'm sure once the investigation has run its course we should have the answers for the Powerco board of directors and its shareholders," he said.
Bennett said it was hoped the investigation would be completed as soon as possible.
Powerco employs 330 full time staff across New Plymouth, Palmerston North, Wellington and Tauranga and has about 435,000 consumers connected to its electricity and gas networks around the North Island.
To the end of March this year, the energy infrastructure company had total assets valued at $2.2 billion.
The Powerco theft is the second significant fraud case to be reported to Taranaki police this year.
Last month, the New Plymouth District Court issued a warrant for the arrest of Michael Talane Foster, 51, on three charges after it was alleged he accessed Taranaki Medlab's payroll system and stole $231,646.
He left New Zealand before being formally charged and Taranaki police have been in touch with Interpol in an effort to track Foster in the United States, where it is believed he is now living.
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- Article originally on www.stuff.co.nz.
