Tuesday, August 23, 2011

Freight Forwarding Company Redefines Itself After Million Pound Fraud

Supply Chain Consultancy Launched After Bulk of Cash Recovered
Shipping News Feature

UK – Not many businesses could stand the theft of £1 million but Kent headquartered freight forwarder SBS Worldwide have recovered sufficiently from the trauma of having such an amount taken by their former Financial Director to launch a new venture, a supply chain consultancy, having strengthened the management team and redefined the company’s business focus over the past year.

The detention and conviction of Michael Clark who was sentenced last week to three years in prison for fraud obviously had a major impact on the business but was mitigated by the involvement of non executive director Geoff Gillo who was put in charge of the matter leaving others free to continue with the normal logistics business. Steve Walker, Chairman of SBS explained:

“The handling of the matter by Geoff Gillo has ensured that the board has been free to concentrate on the on-going development of our diverse business. As the fraud related to prior periods, there has been no impact on the financial reserves of the business, which remain strong. We are delighted to be looking forward to continued growth and prosperity and have worked hard to recruit top management to help us build further business success.

“Over the last year, we have invested in strengthening our management team and have established Virtualized Logistics, as we have adapted our business from being trade lane specific to focussing on a supply chain model on three, soon to be four, continents.”

The new company is headquartered in Central London with offices in Hong Kong and Chicago, backing up the award winning SBS network of offices throughout the UK, the US and China.