Woodford biotech holding admits 'material weakness' in finance controls

Shares dropped 90% since summer

Northwest Biotherapeutics, the US-listed biotech company in which Neil Woodford holds a 25% stake, has admitted its plans to improve financial controls are "uncertain" amid reports it is incapable of policing internal fraud.

Its latest annual report, the group, which has seen shares plunge 90% since last Summer, revealed seven "material weaknesses" in its financial controls and said its plans to improve these were "uncertain," according to The Sunday Times. It reportedly admitted a "lack of controls to ensure that all material transactions and developments are properly recorded". Woodford's funds hit by September biotech sell-off This follows allegations the company's chief executive, Linda Powers, has transferred millions of dollars from Northwest into other businesses she controls. The company, wh...