In a letter to shareholders of Pye, Mr. F.B. Duncan, the chairman says: "It has been ascertained that for a lo neriod of time certain income receivable by Pye Ltd from Pye (Ireland) Ltd. has been kept out of the books of Pye Ltd. and credited to a private memorandum account, not known to the auditors nor to the boards as a whole, out of which various payments have been made", The existence of this "memorandum account" was brought to the notice of Cooper Brothers by a Pye director. A representative of the accountancy firm said yesterday that the account now stood at about £50,000 and that in the region of £25,000 had been paid out over the past 15 years. The payments due by Pye (Ireland) inthich Pye of Cambridge have a 20 per cent stake, are in respect of fees for technical services. Explaining why the board have been unable to make further disclosures from the original reports by Cooper Brothers, who did not deal with the memorandum account, Mr. Duncan states that they “include confidential information vis-a-vis third parties which it would be improper to disclose", They also include business information which it would not be in the interests of the company to take available to competitors, and particulars with regard to matters which are sub judice.
The WeekThe Week Vol. 6, No. 17, c. 11 November 1966
Should Shareholders Say "open the Books?"
The scan: The Week v6 no17.pdf (PDF, Marxists Internet Archive, opens at this page)
Uncorrected machine reading. This text was read by machine (Tesseract OCR) from a scan of a stencilled typescript and has not been corrected. Expect misread words; titles in particular are often garbled where the issue printed no contents list. Quote from the scan, not from this page.
How this article was cut and titled: capitals heading; heuristic; title from the OCR of the heading.