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04 Aug 2006
Two KPMG accountants have been fined £2,000 by an ICAEW tribunal for their role in failed dotcom business Boo.com, and ordered to pay £40,000 each in costs towards the investigation committee.
Philip Wallace and Michael McLoughlin served as liquidators at the business, but KPMG had earlier provided the company with a CFO.
The tribunal found these actions to be a conflict of interest.
KPMG said that it disagreed with the verdict but was not appealing for 'practical reasons'.
'Limited amounts of reasoning and information were made by the tribunal,' said a spokesman. 'There wasn't any evidence the work was compromised.'
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