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25 Sep 2009
Ernst & Young has been forced to pay out to the liquidator of former client Akai Holdings, after admitting documents it was using as evidence in its $1bn (£625m) lawsuit could not be relied upon.
The settlement with Hong Kong-based liquidator Borrelli Walsh comes after a five-year legal battle at the Hong Kong High Court, in which E&Y were initially accused of negligence, reported City AM.
The trial came to a head when Borrelli accused E&Y of falsifying more than 80 documents stretching back over the decade in which the firm served Akai’s auditor.
E&Y denied document falsification and allegations it had breached audit obligations, but admitted certain documents were no longer reliable. The partner who served as audit manager for Akai has been suspended.
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Briefings
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