We reported last week on the settlement of the employment tribunal claim brought by Stephen Bowcott, former managing director of its UK construction business against Amec.

We accept that our headline "£200m hole in Amec's finances" was inaccurate and misleading and related to a misinterpretation of allegations contained in Mr Bowcott's claim that he subsequently withdrew.

We have been asked to state that after six days of the tribunal hearing evidence, Mr Bowcott withdrew his claim in its entirety, was paid no compensation and was required to meet his own legal costs. In a joint statement

Mr Bowcott accepted that he was in breach of Amec's code of conduct and that this was the only reason for his dismissal.