Cattles in £850m write-down warning - papers

Unveiling what constitutes a third profits warning, the Cattles board said it had received inaccurate or incomplete information from some of its former management in what was "a breakdown of internal controls". Six executives, including two Cattles directors, have been suspended pending the completion of an investigation by Deloitte, the accountancy firm, and Freshfields Bruckhaus Deringer, the City law firm. It is understood police have not been called in. Cattles said it would need to make a provision of around £700 million for loan impairments in respect of the last two years and pos...