The former chief executive and the finance director of one of Northern Ireland's best-known companies have been charged in connection with an alleged multi-million pound fraud inquiry.
Mr Shay McKeown, the former chief executive of the Dungannon company, Pow er screen International, and the firm's ex-finance director, Mr Barry Cosgrove, are facing charges, along with a third director, related to the near collapse of the firm three years ago.
The Serious Fraud Office (SFO) in London began an investigation in May 1998 after the discovery earlier that year of accounting and sales irregularities at an English subsidiary, Matbro, which led to write-offs of some £47 million sterling (€74 million).
Shares in Powerscreen, which specialises in sand and gravel screening and crushing equipment, crashed spectacularly in January 1998 after the irregularities at Matbro were uncovered, with more than £250 million being wiped off the firm's value.
Inquiries were also conducted by the Institute of Chartered Accountants, the London Stock Exchange, the Dublin Stock Exchange and Powerscreen itself.
Mr Cosgrove and Mr McKeown resigned at the height of the controversy.
A spokesperson for the SFO said Mr McKeown, Mr Cosgrove and a man living in England named as Mr Edward Holmes, would appear in court again in April.
Mr McKeown (49), a chartered accountant who joined Powerscreen in 1979, is charged with misleading potential investors "by concealing the fact that the consolidated accounts for Powerscreen plc" in December 1997 "were false and misleading as to the profitability of Powerscreen plc".
Mr Cosgrove (45), faces two charges of trying to make a dishonest gain for himself or loss to another by falsifying Matbro's management accounts in September 1997. He is charged with falsely claiming Matbro's turnover at the time was more than £14 million with a £2 million profit.
The other director, Mr Holmes, who is originally from Dublin, has been charged with 25 offences of falsifying Matbro sales invoices and carrying on Matbro's business at Tetbury in Gloucester for a fraudulent purpose between January and December 1997.
According to the SFO, the three men were charged at Stroud Magistrates Court and bailed until April 30th.
