KPMG accountants fined over failed dotcom
Liquidators of failed dotcom business Boo.com fined for 'conflict of interest'
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.’