The chief executive of a failed motorparts company founded by Coventry MP Geoffrey Robinson has been thrown out of the accountancy profession for his part in a financial reporting scandal.
Richard Carr, of Snitterfield Road, Bearley, Warwickshire, was barred from the Institute of Chartered Accountants for misconduct of “a serious and sustained nature” while at TransTec.
He resigned as the Midland engineering company’s chief executive in December 1999, shortly before debt-laden firm collapsed into receivership.
Finance director Richard Parkin was severely reprimanded for “a serious dereliction of duty” in the cover-up of an £11 million black hole in TransTec’s accounts.
Carr and Parkin were found guilty by the profession’s Joint Disciplinary Tribunal of deliberately covering up TransTec’s failure in 1996 to produce cylinder heads of a proper quality for Ford.
When Ford agreed $18 million of damages, TransTec passed off the compensation as “cost contributions” and hid the outflow of cash as “tooling costs”.
The ruling ends almost a decade of investigations into the firm, which collapsed with the loss of 4,000 jobs and £100 million debts.
Mr Robinson left TransTec in 1997.