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Deloitte to face £20m fine over MG Rover

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Deloitte faces a fine of up to £20m and the suspension of one of its partners after a tribunal ruled the accountants had shown a “deliberate disregard” for professional ethics in its handling of the sale of defunct carmaker MG Rover.

 

The Financial Reporting Council’s (FRC) tribunal dismissed an appeal by Deloitte against an earlier ruling and said the firm had failed to manage the conflicts of interest created by its role as the advisers to MG Rover and the “Phoenix Four” directors that bought the business out of administration. The tribunal has the power to impose an unlimited fine and the FRC is pressing for Deloitte to face a £20m penalty, as well as the suspension of Maghsoud Einollahi, a partner at the firm who was involved in the deal.

 

The tribunal’s decision comes after Deloitte was fined $10m by New York’s banking regulator this year over its consulting work for Standard Chartered on money laundering issues. It was also investigated over its auditing of the collapsed bank RBS. MG Rover collapsed in 2005 with the loss of 6,000 jobs after wracking up debts of £1.4bn, having been bought five years earlier from BMW for £10 by businessmen Peter Beale, Nick Stephenson, John Towers and John Edwards. The so-called “Phoenix Four” were struck off as company directors for a combined 19 years in 2011, having shared £42m in pay and pensions after buying the company in 2000.

 

More: http://www.telegraph.co.uk/finance/newsbysector/industry/10209826/Deloitte-to-face-20m-fine-over-MG-Rover-sale.html


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