Henry Sweetbaum, the former chairman of DIY chain Wickes, charged with fraud and making false statements, has denied that the company’s acquisition of an under-performing timber company led to the overstating of profits during the mid-1990s.
Mr Sweetbaum, appearing at Southwark Crown Court, denied that the acquisition of Hunter Timber had forced the company into fraud between January 1994 and June 1996, falsely inflating profits by £22m. Lawyers acting for Mr Sweetbaum argue that he knew nothing about the fraud.
Other past Wickes executives – Trefor Llewellyn, Leslie Rosenthal, and Terence Carson – also deny fraudulent trading and making false statements.
The former financial controller of Wickes, Geoffrey Battersby, has been discharged. Judge Mr Justice Mitting decided Mr Battersby, charged with one count of fraudulent trading, had no case to answer and ordered the jury to find him not guilty.
