Andersen faces UK backlash
Beleaguered Big Five firm Andersen is now facing the real threat that its troubles in the US around Enron could spill over into the UK.
According to weekend reports, a number of major investment funds are threatening to vote against the firm’s re-appointment as auditor at company shareholder meetings.
And one fund manager has warned other accountancy firms not to link up with the embattled auditor.
The manager, who looks after £10bn of investments, told The Business newspaper: ‘Enron has struck a strong chord. We’re considering voting against the appointment of Andersen in the UK and US – and any firm that gets into bed with Andersen by rescuing them will get the same treatment.’