Page last updated at 13:12 GMT, Monday, 10 August 2009 14:12 UK

SpinVox examines dossier claims

Christina Domecq
Spinvox's chief executive is Christina Domecq.

Voice-to-text company SpinVox is under pressure after a dossier, alleging financial irregularities, was circulated to shareholders.

The BBC's technology correspondent, Rory Cellan-Jones says he has been told the document makes detailed allegations about the running of the company.

It is thought the company has called in accounting consultants and lawyers to investigate the allegations.

Founded in 2004, SpinVox has raised more than £120m from investors.

However, the most recent accounts of the Buckinghamshire-based company show that in 2007 it made a loss of £36m on revenue of £2m.

In a statement, SpinVox said they were taking the allegations "very seriously".

"The major shareholders and the board of directors are aware of the serious allegations that have been made against the company and they take very seriously any implications regarding the company's management and operations," the statement read.

"The major shareholders and the board are supportive of senior management who have built a transformational technology business."

In July the company had to defend itself against claims that most voice mail calls handled by Spinvox were transcribed by call centre staff, rather than converted automatically.

It also denied that it had broken data protection rules by sending messages out of Europe for transcription.

It said it had been permitted to process data outside the European Economic Area and its security systems had the confidence of both customers and investors.

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