One of the five men accused of defrauding Princess Yachts has pleaded guilty during a hearing at Plymouth Crown Court yesterday

A former Princess Yachts employee has pleaded guilty to two charges of conspiring to fraud, Plymouth Crown Court heard yesterday (June 18).

Roger Truen, 49, of Plymstock lodged his plea to Judge Paul Darlow and will be sentenced before the end of the year, the Plymouth Herald reports.

His four alleged co-conspirators, Glyn Thompson, Michael Honey, Steven Haly and John Tinley have all pleaded not guilty during the court hearing.

Judge Darlow moved to dismiss the case against Mr Haly, but the three remaining men will be tried in November. All five men were given unconditional bail.

The case relates to the men using Construction Solutions South West Ltd as a means to defraud Princess Yachts International by inflating invoices for goods and services undertaken by third-party companies.

The alleged fraud offences, which police have described as “substantial”, took place over a 16-month period between April 1 2012 and August 31 2013, the court heard.

Princess Yachts International is based in Plymouth and builds luxury motor boats measuring between 39ft and 131ft.