Serco shares dive after 'scandal'

Updated
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Security and outsourcing giant Serco saw up to half a billion pounds wiped off its value today as it faced a freeze on lucrative Government contracts amid a fresh scandal over allegedly fraudulent behaviour.

The group, which runs a vast range of services from prisons to rail services, admitted revenues would be hit and new deals delayed following the latest controversy, which centres on its £285 million prisoner escorting service.
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