Harland & Wolff starts forensic inquiry into £25m of spending

Harland & Wolff, the renowned shipbuilder based in Belfast, has initiated a forensic investigation into £25 million of spending that has been deemed misapplied. This inquiry comes as the company prepares to enter administration, following a tumultuous period marked by failed negotiations for a £200 million loan backed by taxpayers. The investigation is being conducted by PwC, alongside legal experts from Simmons & Simmons, focusing on customer deposit expenditures and smaller transactions that reportedly provided minimal corporate benefit. The company, famous for constructing the Titanic, has seen its future jeopardized, particularly after the suspension of its shares from trading. The internal review aims to clarify the financial mismanagement that has led to this precarious situation. With over 1,000 employees, the potential administration raises concerns about job security and the broader implications for the local economy. The leadership of Harland & Wolff has also faced significant changes, with the resignation of chief executive John Wood amid these financial troubles. The investigation is expected to shed light on the extent of the financial irregularities and the decision-making processes that contributed to the current crisis. As the inquiry unfolds, stakeholders, including employees and investors, are left in uncertainty regarding the company's future. The outcome of this investigation will be crucial in determining whether Harland & Wolff can recover from this financial turmoil or if it will succumb to administration, marking a significant chapter in its storied history.