The answer to your question is given by Maydup (who based on previous evidence knows rather a lot about employment law).
An employer has to have a fair process for investigating an allegation of misconduct and come to a reasonable decision based on the evidence. So, yes, the employee could be dismissed.
What then happens depends on the dismissed employee - she would have to take a case to the Employment Tribunal, who would decide whether the process and the decision reached were both fair and reasonable, else the employee would get the job back again or a large wodge.
It's time the management that runs this outfit gets a grip of the processes, to prevent one individual having this opportunity for apparent theft.