Titanic shipbuilder Harland & Wolff probes £25m 'misapplication' of funds

Statement says firm ‘acted swiftly’ after ‘internal investigation’

Harland & Wolff, the Belfast shipyard that built the Titanic, has launched an investigation into the alleged ‘misapplication’ of £25m of funds.

The company said in a statement that it had acted “swiftly” after an “internal investigation” uncovered the issue.

Harland & Wolff said it had “immediately” reported the matter to the relevant authorities and appointed independent forensic accountants to conduct a full investigation.

The company said it was “committed to the highest standards of corporate governance” and would “take all necessary steps” to protect its interests.

Harland & Wolff is one of the world’s leading shipbuilders, with a history stretching back to the 19th century.

The company has built some of the most famous ships in history, including the Titanic, the Olympic, and the Britannic.

In recent years, Harland & Wolff has been involved in a number of high-profile projects, including the construction of the Royal Navy’s new aircraft carriers, HMS Queen Elizabeth and HMS Prince of Wales.

The company is currently working on a £1bn contract to build two new ferries for Stena Line.

The news of the alleged ‘misapplication’ of funds comes as a blow to Harland & Wolff, which has been struggling financially in recent years.

The company reported a loss of £36.3m in 2021, and its shares have fallen by more than 50% in the past year.

The investigation into the alleged ‘misapplication’ of funds is likely to add to the company’s financial woes.