SERBA DINAMIK HOLDINGS BERHAD
KLSE (MYR): SERBADK (5279)
You're accessing 15 mins delay data. Turn on live stream now to enjoy real-time data!
Last Price
Today's Change
Day's Change
Trading Volume
Post a Comment
Featured Posts
Latest Videos
.png)
.png)
Apps
Top Articles
1
Good Articles to Share
2
3
save malaysia!
4
save malaysia!
5
Good Articles to Share
6
The Alpha Trader
KINERGY ADVANCEMENT BERHAD) (0193) - A CAPITULATION TRADE SETUP
7
https://dividendguy67.blogspot.com
8
Good Articles to Share
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
risingstar21
536 posts
Posted by risingstar21 > 2021-10-15 14:23 | Report Abuse
The shaming of an audit giant: 'Untruthful' Big Four accountant KPMG sinks even deeper into disgrace over Silentnight collapse
By LUCY WHITE FOR THE DAILY MAIL
PUBLISHED: 22:12 BST, 13 October 2021 | UPDATED: 22:12 BST, 13 October 2021
View comments
KPMG and one of its senior partners lied in their defence of work for troubled mattress company Silentnight, a tribunal has found.
The accounting giant 'advanced an untruthful defence' when it claimed it had no choice but to push Silentnight into insolvency and advise that it sold itself to private equity firm HIG Capital, the independent disciplinary tribunal said.
It also found that KPMG and David Costley-Wood, former head of restructuring in Manchester who led the Silentnight work, failed to cooperate with investigators from the regulator, not providing evidence when asked.
Wrong numbers: Big Four accountant KPMG has been involved in a string of scandals over audits it carried out for some of Britain's leading companies +1
Wrong numbers: Big Four accountant KPMG has been involved in a string of scandals over audits it carried out for some of Britain's leading companies
In an embarrassing public shaming, the tribunal found that KPMG had:
Lied in its defence
Failed to disclose more than 1,800 documents to investigators
Was untruthful in claiming Costley-Wood had not used his private email for work purposes
Engaged in a conflict of interests in working for both Silentnight and HIG
Failed to tell regulators that it had been working for Silentnight before it was formally taken on
Put the money of 1,200 savers in Silentnight's pension scheme at risk.
The public shaming comes as the firm also faces legal action for its role in several collapses, including Carillion and Bargain Booze owner Conviviality.
The string of scandals involving so-called Big Four firms like KPMG has led to a shake-up of the accounting industry.
KPMG and Costley-Wood – who was paid more than £800,000 in each of his last two years at the firm – had been accused of a serious conflict of interest.
As well as advising the mattress business on its options as it struggled under a heavy debt pile, KPMG also worked with HIG – which eventually bought Silentnight's debt, piled pressure on the firm until it became insolvent, and managed to snap up the company on the cheap in 2011, ditching its pension obligations.
The FRC fined KPMG £13million, the second largest penalty ever. Costley-Wood was slapped with a £500,000 sanction and banned from the industry for 13 years.
KPMG has since sold its own insolvency business, now called Interpath, to HIG. But the tribunal's report reveals the extent of KPMG's wrongdoing. One industry source said it was 'just another sign of the culture at KPMG'.
A key allegation levelled by the FRC against Costley-Wood was that he had not considered any other options for Silentnight (which was promoted by singer Myleene Klass, pictured, before its collapse) other than a sale to HIG.
The tribunal added: 'Our impression was that he was a person who worked quickly and under pressure and spent little time reviewing documents to assess their accuracy before he agreed to them and could act (including answering questions in cross examination) impetuously.'
The tribunal also found it 'difficult to explain' KPMG's failure to tell regulators that it had done £45,000 of work for Silentnight before being formally taken on.
KPMG's UK chief executive Jon Holt said the report made 'difficult reading'.
He added: 'We accept the findings. We regret that the professional standards we expect of our partners were not met and that it has taken over a decade to reach this point.'
source from dailymail.co.uk