Deloitte 'hides' in BCCI case
Big Four firm fails to show up for a High Court hearing this week
Big Four firm fails to show up for a High Court hearing this week
The Bank of England has accused Deloitte of hiding from a judgment condemning
its conduct in the BCCI case.
The Big Four firm failed to show up for a High Court hearing this week, which
considered an abortive lawsuit it brought against the Bank of England as
liquidators of the Bank of Credit and Commerce International.
The Bank of England is claiming £81m in costs and interest, racked up during
the 12-year legal battle with Deloitte. Lawyers for the Bank accused Deloitte of
‘playing its get out of jail card’ by paying a settlement figure of £73m, and
then staying away from court to avoid a judgment.
Nicholas Stadlen QC told Mr Justice Tomlinson: ‘It is seeking to skulk in the
shadows without any suggestion of apology.’
He urged the judge to hear the Bank’s application for costs, in the absence
of Deloitte’s lawyers, and hand down a written judgment exonerating the Bank and
its officials of ‘disgraceful and entirely unfounded’ allegations that they
dishonestly failed to regulate BCCI’s fraudulent activities.
Stadlen said the liquidators’ stated reason for not appearing in court was
that, as the lawsuit was withdrawn last November, they could not spend any more
money pursuing the case on behalf of BCCI’s creditors.
But he said this ‘plea of poverty’ rang hollow in the light of the £184m fees
received by Deloitte during the entire BCCI liquidation, and a reported £56m
received in the 12-year litigation against the Bank.
Deloitte refused to comment on the case. The hearing concluded, with judges
reserving their decision.
The numbers you crunch tell a story. Your expertis...
18yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleBody Shop, Ted Baker, Farfetch, MatchesFashion and Wilko among latest retailer insolvencies. Number of businesses in trouble are the highest in five y...
View articleInsolvency statistics in the UK for the second quarter of 2023 were the highest since 2009 with 83% of them relating to small businesses Read More...
View articleThere were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...
View articleThe survey paints a “brightening” picture of the global economy, according to the ACCA Read More...
View articleThe pandemic may have “distorted” some economic data Read More...
View articleAdvisory firms must offer a “more supportive” and holistic approach to clients amid the economic downturn Read More...
View articleHaving a clear plan and clean data to help optimise the use of scarce resources will be key for businesses Read More...
View articleThe Coronavirus Job Retention Scheme has supported millions of jobs amid the pandemic, but with the support measure set to end in September, how can a...
View article