Police arrested London boss of Barratt Developments Alastair Baird this morning, alongside a former Barratt employee following a probe into contract awards.
Baird, who is regional managing director for London was arrested alongside the unnamed former Barratt employee following a referral in April 2016 by Barratt to the Metropolitan Police of initial findings of an internal investigation.
In a statement this morning, the housebuilder said they had suspended Baird.
It said: “The investigation commenced in August 2015 following an internal audit and relates to possible misconduct in the process for awarding and managing certain material and subcontract supply contracts in the London region.
“The investigation also led to civil legal action which commenced in October 2015 against an employee who was dismissed in February 2016.
“Following the initial findings of the internal investigation, Barratt appointed a leading accounting firm to conduct an external review of the controls relating to the tendering and procurement processes in the London business.
“The results of this review were reported to the Audit Committee. Following this review, Barratt has adopted additional controls."
The company said it does not anticipate any material adverse financial effect.
Baird was appointed to his current role in 2011 having joined the company as a site manager in 1987.
Gary Ennis, regional managing director or Southern Region, will take interim responsibility for the London and Southern Regions, supported by the London board and other senior management of the group.
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