Serco chiefs ‘hid £12m in profits’

Two former Serco chiefs accused of defrauding the Ministry of Justice over the private security firm’s electronic tagging contract concealed £12million in profits, a court heard. Nicholas Woods, 51, and Simon Marshall, 59, allegedly encouraged a man, who cannot be named, to submit fictional costs to the MoJ between 2011 and 2013. Woods is the former finance director of Serco Home Affairs and Marshall is the former operations director of field services. Prosecutor Michael Bowes, QC, told jurors the fraud…