UPDATE 1-Aero Inventory says inventory probe widens

Tue Nov 3, 2009 2:09pm GMT
 
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* Probe now concerns physical quantities of inventory

* Review ongoing, outcome uncertain

* Talks with banks continue on financial support

* Board reviewing CEO, FD, COO

* Appoints acting CEO, interim head of financial operations (Adds details)

Nov 3 (Reuters) - Aero Inventory (AI.L), an aviation inventory management software maker, said its inventory value issue was broader than previously thought and its board was reviewing the postions of its top executives, including the chief executive and finance director.

The company said preliminary probes of its ongoing accounting and inventory reconciliation involve not just the accounting value of the inventory but also in some instances the physical quantities.

"These reviews are ongoing and the consequences whilst being evaluated still remain uncertain," the company said in statement. Aero Inventory said its board was reviewing the positions of Chief Executive Rupert Lewin, Finance Director Hugh Bevan and Chief Operating Officer Martin Dodge.

Colin Trupp, who was previously business development director, has been appointed as acting chief executive, the company said.  Continued...

 

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