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City Truck bosses face fraud charges
Page 7
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I WO R../ RMLR DI R ECI ORS of City Truck Group. David Gee and Kevin Smedley. appeared in City of London Magistrate's Court Gee and Smedley, respectively chief executive and finance director of the Milton Keynes firm, faced six charges of conspiracy to defraud GE Finance between November 2000 and January 2002. They allegedly generated up to £25m of finance from GE by forging invoices from its customers; this allowed it to keep borrowing.
But by September 2001. City Trucks had reached the point where it could no longer borrow any further funds from GE. When an accountant raised concerns over its trading position. it was placed into administration in
January 2002 and ceased trading two months later.
Both men deny the charges and have been bailed to a date yet to be set.
The fraud charges carry a maximum prison term of I 0 years.