Quindell faces criminal investigation by Serious Fraud Office

Lynsey Barber
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Wheels off Quindell? (Source: Getty)

The Serious Fraud Office (SFO) has launched a criminal investigation into the Aim-listed tech company Quindell.

Quindell said in a market update that it was informed of the probe this afternoon and the SFO is investigating its business and accounting practices.

The investigation comes after the troubled company reported £238m annual losses and restated previous years' financial results earlier today, at the request of the Financial Reporting Council. The accounting regulator said it is probing auditors involved in Quindell's financial results.

The firm is also being investigated by the Financial Conduct Authority, which is looking at its public statements of its accounts, which caused its shares to be suspended at the end of June.

It had expected to resume trading again tomorrow (6 August), however, one City analyst suggested that would now be unlikely.

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