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Deloitte fined 14 million pounds over MG Rover advice
September 9, 2013 / 8:26 AM / 4 years ago

Deloitte fined 14 million pounds over MG Rover advice

LONDON, Sept 9 (Reuters) - Accountancy firm Deloitte has been fined a record 14 million pounds ($22 million) for failing to manage conflicts of interest in its advice to collapsed British carmaker MG Rover Group.

The Financial Reporting Council, which brought the case against Deloitte, said an independent tribunal has also backed the watchdog’s call for a severe reprimand of the company.

In July the tribunal found that all 13 allegations the FRC had brought against Deloitte were proven.

The tribunal also agreed to a fine of 250,000 pounds for Maghsoud Einollahi, a partner with Deloitte at the time. He has also been banned from the profession for three years.

Deloitte said on Monday it still disagrees with the tribunal’s main conclusions.

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