Princess Yachts International has released the following statement following the news in the media last week 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.

The matter is now with the police and we look forward to a just conclusion.