Plasticon UK operations forced into administration after discovery of fraud

Hengelo, 9th April 2018

 

"The Plasticon Composites Group, headquartered in the Netherlands, is the world’s largest manufacturer of engineered and corrosion resistant FRP - and dual laminate products. With its global presence the company offers services and products to markets worldwide. The group has more than 10 production facilities and sales offices on three continents.

 

Plasticon UK Ltd, a wholly owned subsidiary of Plasticon Europe BV, focused on serving customers in the UK and Ireland was forced into administration on March 28, 2018 after its directors discovered a serious fraud, committed by one of its employees. Amongst others, liabilities were significantly understated in the management accounts and after investigation it was accepted that Plasticon UK had insufficient means of settling them. It is currently believed the employee concerned acted alone and the circumstances of this fraud are confined to Plasticon UK. After initial investigations the directors and the Plasticon Group came to the inevitable conclusion that it was not economically viable to continue the business of Plasticon UK Ltd.

 

With the appointment of Begbies Traynor as administrators the stakeholders hope to gain a better understanding of the facts and fully uncover the fraud perpetrated against  the company and in particular to protect the interests of the creditors. Regardless of this tragic situation, the Plasticon Group will continue its deliveries and services worldwide in its other businesses, that are ran independently from its UK operations."