The identity of a long-serving accountant who stole more than $5.4 million from a family-owned business group can now be revealed.

Richard Arthur Watson pleaded guilty to two theft charges in January but was granted bail and name suppression until his sentencing.

He spent millions of dollars gambling as a high roller at SkyCity casino’s VIP lounge.

The 58-year-old was supposed to be sentenced in the Manukau District Court last week. But his lawyer, Shane Tait, asked Judge Charles Blackie to adjourn the case so a psychiatric report could be prepared.

Judge Blackie agreed, but revoked Watson’s bail and name suppression.

He remanded him in custody until a new sentencing date next month.

The chief financial controller had a $300,000 salary – with annual bonuses of $50,000 – but stole $5.4 million over 10 years until he was discovered last year.

With complete control of the finances of Ross Group, which includes a tiling business, Watson was able to shuffle money between accounts using BNZ PC banking, a banking service for businesses, to hide his tracks.

He then transferred money to himself more than 150 times, sometimes as much as $100,000.

Watson, who had worked for the Ross family for 30 years, was considered part of the family. Company director Cameron Ross declined to comment until Watson is sentenced next month