PracticeAccounting FirmsLib Dems call on Deloitte boss to resign

Lib Dems call on Deloitte boss to resign

The Liberal Democrats have called for the resignation of John Connolly as UK chief executive of Deloitte in the wake of the Parmalat scandal.

Link: Parmalat special report

Norman Lamb MP, Liberal Democrat shadow treasury minister, made the demand after the publication in today’s Independent of a story critical of Connolly.

The newspaper highlighted his role in the 1980s Barlow Clowes affair, during which elderly investors lost their life savings. The article pointed to a 1995 JDS report into the scandal that said Connolly had lacked competence.

Deloitte themselves are currently embroiled in the multi-million euro scandal surrounding the accounts of the Italian food giant Parmalat, which it audited.

Commenting on this, Lamb said: ‘In terms of restoring confidence both generally and in terms of Deloitte, it seems to me that Connolly’s position is no longer tenable. For someone in charge of their UK operation to have been so heavily-criticised by a financial watchdog seems extraordinary.’

Parmalat dismissed Deloitte as its auditor last week.

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