Norman Lamb MP, Liberal Democrat shadow treasury minister, demanded Connolly step down after a national newspaper published a story critical of him on Monday.
‘In terms of restoring confidence, both generally and in terms of Deloitte, it seems to me that Mr Connolly’s position is no longer tenable. For someone in charge of its UK operation to have been so heavily criticised by a financial watchdog seems extraordinary,’ he said.
A story in The Independent highlighted Connolly’s role in the 1980s Barlow Clowes affair, during which elderly investors lost their life savings. The government paid £150m to 18,000 investors as a result.
The paper pointed to a 1995 report by the accountants’ Joint Disciplinary Scheme into the scandal, which claimed Connolly had lacked competence. The report said Connolly ‘fell below the standard which should be displayed by and may properly be expected of a chartered accountant’.
It focused on Connolly’s role in a reverse takeover in which Barlow Clowes was sold to a company called James Ferguson. Connolly was responsible for providing accurate financial data about Barlow Clowes to James Ferguson shareholders. The report ordered that Connolly pay £40,000 in costs and that he be officially reprimanded.
Deloitte said: ‘This refers to a piece of work carried out back in the eighties and the findings of the JDS report have been in the public domain now since 1995. It is not an issue we feel it is necessary to comment on.’
A new head of solutions, Aidan Brennan, has been appointed at KPMG UK
Hundreds of jobs are secure after Spectrum Contracting has been sold out of administration to Minstrell Recruitment by FRP Advisory
Cowgill Holloway and Warings Business Advisors have merged, with a range of growth plans in the North West put in place
The Practitioner discusses their timesheet militancy, and reaction to someone playing it fast and loose with the details...