Deloitte has lost an appeal over a ruling that it failed to manage conflicts of interest in its advice to MG Rover Group and the "Phoenix Four" directors who bought the car manufacturer before it went bust.
Last year the Financial Reporting Council (FRC) said Deloitte and its former corporate finance partner, Maghsoud Einollahi, had failed to properly manage conflicts of interest.
The Big Four firm’s appeal against that decision was heard today (29 July) at the International Dispute Resolution Centre.
The tribunal confirmed its decision and found that Deloitte and Einollahi showed in “some instances a persistent and deliberate disregard of the fundamental principles and statements of the ICAEW’s code of ethics”.
It added that their conduct fell short of...