Birmingham Research and Development (BRDL), a trading subsidiary of Birmingham University that deals with the commercialisation of academic research, has uncovered a serious fraud in its financial records.
BRDL said: "With the support of external professional advisors BRDL has acted swiftly to secure its position with regards to the recovery of the assets involved. Two employees have left the company and a third remains suspended while an investigation is completed. BRDL has informed the police of this matter and, because it is the subject of legal proceedings, no further comment can be made at this stage."