A BELEAGUERED banknote giant has a new top boss in its sights.

Hampshire-based De La Rue, the world’s largest currency printer has seen business plummet after a production crisis over fraud allegations.

The problems cost the company £35m and led to the resignation of chief executive James Hussey.

The firm carried out its own investigation and claimed some staff had been involved in falsifying certificates regarding quality control.

A Serious Fraud Squad probe is ongoing.

De La Rue management say they have looked at numerous highly qualified candidates to replace Mr Hussey and are on the verge of appointing their first choice.

Executive chairman Nicholas Brookes, De La Rue, said: “We are making good progress towards appointing a new chief executive officer and are pleased that we have attracted such high calibre candidates.

“We are in the closing stages of negotiation with our preferred candidate and look forward to welcoming him to the group soon.”

The new boss will have to tackle the setbacks caused the allegations, the fallout of the fraud investigation and a drop in production volumes that could be as much as the fifth over the year.

De La Rue suspended production and shipment of the affected banknote in July for two months while the matter in its Overton plant was investigated.

Yesterday the group posted a 57 per cent rise in pre-tax profits to £69.4 million in the six months to September 25, after the hit from the production issues was offset by the sale of assets and the closure of a pension scheme.

Shares slumped 12 per cent after the update.

Bosses insist there are positive signs and pointed to the successful launch of the new UK passport last month, improvements in the company’s Cash Processing Solutions business and an uplift in orders in recent weeks.

De La Rue prints notes for the Bank of England and more than 150 national currencies and employs about 6,000 people in 31 countries.