India officials probe De La Rue

By DAILY MAIL REPORTER
Updated:

 

Embattled banknote printer De La Rue will have some explaining to do this week, as a delegation of Indian government officials fly in to investigate quality control errors that forced the company's chief James Hussey to quit.

twenty pound notes

De La Rue's biggest contract is with the Reserve Bank of India, to whom it supplies watermarked banknote paper.

The company is conducting its own internal probe into the lapses, which it admitted relate to the contract with the Indian central bank.

In some years, this deal accounts for 25% of group profit.

The Indians are expected to negotiate a compensation deal with chairman Nicholas Brookes, but they are expected to stop short of cancelling the contract.

De La Rue, which produces 150 currencies around the world, is still weeks away from completing its investigation into the quality control lapses, which are blamed by staff on a round of redundancies.

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