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ERF profits at
24th February 2005, Page 7
24th February 2005
Page 7
Page 7, 24th February 2005
— ERF profits at
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heart of case
THE LEGAL battle between MAN and DaimlerChrysler has hotted up this week with the disclosure by ERF's former financial director Stephen Ellis that profits were overstated by £18m and that this fact was concealed from auditors Ernst & Young.
Ellis is a witness in the £300m civil action brought by MAN against D aim lerChrysler for alleged negligence.
He told the High Court that when ERF was bought by Canadian truck maker Western Star the new owners introduced a new accounting system and -began to exert a great deal of pressure on ERF to improve results".
MAN bought ERF in 2000.