Alpha Airports Group shares suspended

Emily Pacey

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Alpha Airports Group has suspended its shares following doubts about the validity of its financial results

Travel retailer Alpha Airports Group has requested a temporary suspension of its shares after auditors withdrew their approval of preliminary results for 2005, which were announced on March 30 2006.
 
In a statement Alpha said that auditor PricewaterhouseCoopers (PwC) withdrew its approval following "enquiries into a series of transactions connected with a big contract awarded to the company during the financial year".  PwC initially approved Alpha's 2005-6 results, but nearly a month after publication told the firm that it was withdrawing its support.
 
The retailer is reported to have said it is urgently seeking clarification of PwC's concerns.  
 
Alpha Airports Group has launched legal proceedings against an unnamed sub-contractor that it claims is responsible for defrauding the company out of £2.5m ($4.4m) (RavenFox.com April 3). However, RavenFox.com understands that PwC's action is not related to the case.
 
Keep an eye on RavenFox.com for more details as they emerge.