Britain has launched a criminal inquiry into the workings of Indian giant Tata Steel, which is seeking to sell its loss-making UK businesses, according to a media report here on Friday.
Britain has launched a criminal inquiry into the workings of Indian giant Tata Steel, which is seeking to sell its loss-making UK businesses, according to a media report here on Friday.
According to The Daily Telegraph, police officers are examining allegations that staff working for the company’s office in Britain may have falsified certificates detailing the composition of its product before sale.
Tata Steel is believed to have referred itself to the Serious Fraud Office (SFO) after an internal inquiry at its Yorkshire site in northern England.
The SFO said that it was “declining to comment” on the matter at this stage. Tata Steel has also not commented on what they have termed as “media speculation” so far.
The newspaper quoted “well-placed sources” saying that the documents being examined affected 500 customers, including global giants like BAE and Rolls-Royce. A Rolls-Royce spokes-person said: “We were made aware of an issue by Tata last year. We have not been contacted by the SFO and cannot comment on any investigation”.
The SFO inquiry is understood to centre around certificates that are produced to verify the composition of steel. Auditors found material that suggested inappropriate testing and certification may have occurred.
At least nine employees of the firm have been suspended. There is no suggestion that the information on the certificates has led to any safety concerns, the newspaper reports.
The news comes agai-nst the backdrop of a major crisis in the UK steel industry after Tata announced its plans to sell off its loss-making units in the country.
