Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner. Facebook Messenger An icon of the facebook messenger app logo. Facebook An icon of a facebook f logo. Facebook Messenger An icon of the Twitter app logo. LinkedIn An icon of the LinkedIn logo. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Email An icon of an mail envelope. Copy link A decentered black square over a white square.

Calum Melville firm Cosalt missing £4m of stock

Calum Melville, of Dundee FC,  at Rachel House, Kinross. Calum Meliville is running the Chicago marathon in October and is hoping to raise £50,000 for C.H.A.S (Childrens Hospice Association Scotland).
Calum Melville, of Dundee FC, at Rachel House, Kinross. Calum Meliville is running the Chicago marathon in October and is hoping to raise £50,000 for C.H.A.S (Childrens Hospice Association Scotland).

Up to £4 million of stock is missing from Cosalt, the Aberdeen company at which Calum Melville was a director.

The man once thought to be the saviour of Dundee FC which was plunged into crisis when it went into administration last week was suspended then resigned from the board of oil industry firm Cosalt last month, pending an investigation.

An announcement from Cosalt has linked the missing stock to “doubtful transactions” involving a supply firm.

It came following an internal review of practices at Cosalt’s Aberdeen-based offshore division.

The company has employed forensic accountants to compile evidence and is seeking to recover any losses.

Last night a company spokesman refused to say anything beyond the statement issued by Cosalt, and in particular declined to answer questions on whether there was any connection between the missing stock and Mr Melville’s suspension from Cosalt.

Cosalt provides safety equipment and services for the offshore oil and gas and marine industries. The multi-national company bought Mr Melville’s family firm in Aberdeen in 2007 and gave him a place on the board.

On Wednesday Cosalt issued an “update” on its internal review into operating practices in the offshore division, which said “an inventory check has revealed evidence of a company-owned stock and work in progress shortfall of up to £4m.”

It said, “The further detailed investigation required to establish the extent of the shortfall with accuracy is already under way. The company has identified a series of doubtful transactions involving a supply company which evidence suggests account for a substantial proportion of this shortfall.”

“The transactions could give rise to claims against those involved with the supplies in question and the company has instructed KPMG as forensic accountants to complete the compilation of this evidence and Dundas & Wilson, Scottish solicitors, to advise upon recovery of any losses arising.

“To avoid prejudicing its legal remedies and any future action, the company is unable to comment further on such claims at this stage, save to say that it will be taking all steps to maximise recovery.

“The board confirms that, notwithstanding the shortfall, the company has sufficient stock to ensure there will be no interruption to services provided by the offshore division.

“The company’s banks have been kept closely informed and the shortfall is not expected to have any further impact on the company’s net borrowings.

“A further detailed update will be provided on completion of the review.”