Deloitte and its former corporate finance partner Maghsoud Einollahi failed in their attempt to halt disciplinary proceedings over their conduct at during the failure of car manufacturer MG Rover.
Following a preliminary disciplinary hearing in London on Thursday and Friday (26-27 July), the Accountancy and Actuarial Disciplinary Board (AADB) confirmed that a full hearing would take place into the disciplinary charges, which relate to conflicts of interest that arose when the firm advised the Phoenix Four consortium bidding for MG Rover while Deloitte acted as auditor for the car group. The AADB did not allege misconduct in relation to the Deloitte’s audit work, for which the accounts showed it received £2m in fees from 2000-2003. During the same period, it earned anoth...
About John Stokdyk
John Stokdyk is the global editor of AccountingWEB UK and AccountingWEB.com.