UK tunnelling and engineering contractor Amco is bracing itself for a US$1.7M hit after the discovery of ‘significant’ losses in one of its contracting subsidiaries. In a statement the company said that the losses were uncovered during an audit on a contract run by the unnamed subsidiary. After the revelation of the losses Amco dismissed the MD of the subsidiary. The company added: “He has threatened legal proceedings but these will be defended and a counter-claim instituted.” Amco has assured that there are sufficient group resources to complete the contract and that it will continue to trade normally.
