Otkritie sees red over fraud

OTKRITIE Securities swung to a £55.9m loss last year – from a £2.5m pre-tax profit in 2010 – after it was hit by a major fraud scandal.

In accounts filed with Companies House, Otkritie – putting a number on the scam for the first time – said an “exceptional [£65.9m] was incurred in relation to a fraudulent transaction in warrants.”

Otkritie is currently taking legal action against former staff who were allegedly at the centre of a complex fraud plot.