Deloittes wins more time for Barings trial

Deloittes acted as auditor for Barings from 1992 to 1993, which folded after £860m worth of unauthorised transactions by rogue trader Nick Leeson.

Deloittes’ lawyers argued at London’s High Court they needed more time to prepare because of the complexity of the trial.

Coopers & Lybrand Singapore, now part of PricewaterhouseCoopers, will also benefit from the extra time to prepare its defence for its work as auditor for the bank in 1994.

Liquidator Ernst & Young has brought the case against Deloittes and Coopers on behalf of Barings’ creditors and claims both firms did not meet standards required and should have discovered Leeson’s trading.

After a three-day hearing before Mr Justice Edward Evans-Lombe, the start date was put back from February 2001 to June 15.

Meanwhile, two Coopers’ audit partners are bracing themselves for the findings of a tribunal held by the profession’s senior professional watchdog into their role during the Barings collapse.

A Joint Disciplinary Scheme tribunal will announce its verdict on the pair, and on the firm, later this month. PwC could face a multimillion pound penalty.

Barings trial delay move by Deloittes

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