Barings auditors face action by watchdog
Tuesday 06 October 1998
Chris Dickson, executive counsel to the Joint Disciplinary Scheme (JDS) for supervising accountancy firms, said the complaints concerned the accounts of Barings Securities Limited and Barings Securities (London) Limited for the year to December 1993 and the same audits for the following year.
The first complaint is against Coopers & Lybrand and Gareth Davies, the second is against the same pair plus Andrew Turner. A disciplinary tribunal consisting of a senior lawyer and two senior accountants will hear the complaints next year, and the tribunal's report will be published.
A spokesman for PWC saidyesterday: "Any case that large, you would expect them to look at it. We are not surprised. We will co-operate fully."
Barings crashed in 1995 after unauthorised derivatives trading by Nick Leeson in Singapore led to over pounds 800m in losses. The merchant bank was later bought by the Dutch bank, ING.
The debacle led to a purge of senior Barings executives and disciplinary action against several by British regulators. It also resulted in claims by the firm's liquidators and bondholders who lost money as a result of the bank's demise.
Barings' liquidators, Ernst & Young, took legal action two years ago against PWC as well as Deloitte & Touche, the bank's previous auditors in 1992. A settlement or "Conciliation Plan" was proposed to the liquidators by the two audit firms in March, thought to be worth between pounds 30m and pounds 50m. This is being considered by the bank's creditors.
Mr Dickson has also investigated PWC's role as auditor of Robert Maxwell's empire.A tribunal led by Roger Henderson QC will hear Mr Dickson's complaints about the Maxwell audits later this month.
- 1 Husband creates spreadsheet detailing wife's 'excuses' for turning down sex
- 2 UK pirates will get four warning letters a year
- 3 Saneie Masilela, 9, marries Helen Shabangu, 53 years his senior, for the second time
- 4 Time runs out for Christian Iraq: Isis deadline passes with mass flight
- 5 Why I'm on the brink of burning my Israeli passport
Saneie Masilela, 9, marries Helen Shabangu, 53 years his senior, for the second time
Time runs out for Christian Iraq: Isis deadline passes with mass flight
Miley Cyrus death hoax: Fans distraught after Facebook scam goes viral and she doesn't tweet for three days
Malaysia Airlines MH17 crash: France and Germany accused of going soft on Putin as sanctions talks stall
Israel-Gaza conflict: Deadly flechette shells 'used by Israeli military in Gaza Strip’
Malaysia Airlines flight MH17 crash: 'Nine Britons, 23 Americans and 80 children' feared dead after Boeing passenger jet is 'shot down' near Ukraine-Russia border
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
Malaysia Airlines MH17 crash: Obama - 'We’re going to make sure that truth gets out'
- < Previous
- Next >
iJobs Money & Business
£28000 - £32000 per annum + benefits: Ashdown Group: Training Programme Manage...
£28000 - £32000 per annum: Ashdown Group: Training/Learning and Development Co...
£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...
£70000 - £90000 per annum + Job Satisfaction: Harrington Starr: Project Manage...