KPMG hands over Unwins probe findings

KPMG, Unwins administrators, has briefed
the official receiver there is a potential claim to be brought against former
directors of the failed off-licence retailer.

The conclusion is part of the findings handed over following a two-year
investigation – costing the administrator more than £27,000 – into allegations
that money was transferred out of the group in the weeks leading up to its
collapse, according to The Daily Telegraph.

KPMG is said to have been considering bringing its own legal action against
the former directors but found it would be ‘uneconomic’ following the breakdown
of discussions with Unwins creditors at the end of 2005, nine months after the
business was bought by Devereux Montague, an investment vehicle backed by
Australian businessman Phillip Cook.

When details of the probe first emerged Cook insisted the money had been
transferred because of extremely high level of thefts at Unwins.

Further reading:

KPMG report reveals foundation trust money unaccounted

KPMG gets court order to question Unwins director

The Daily Telegraph story

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