Tuesday 28th January, 2014

Six men have been arrested by police on suspicion of committing a "substantial" fraud at an International Yacht builder, based in Plymouth.

Devon and Cornwall police have arrested the men on suspicion of the fraud, as part of an ongoing inquiry instigated by Princess Yachts last July.

Two former employees of the company were thought to of been involved in the fraud, which took place in the buildings and maintenance area of the business.

As reported in the Plymouth Herald, a police spokesman said: "It is believed that the loss to the company is substantial and has occurred over a number of years."

Super Yacht Business quoted the following statement from Princess Yachts International, that former employees had potentially defrauded the company.

Following recent reports in the media relating to an incident of potential fraud, by individuals including two former employees, against Princess Yachts International, we would like to clarify that this issue relates to a relatively small contract in the buildings and maintenance area of the business. Thanks to our staff and internal systems, we were able to identify the problem and deal with it swiftly.