PracticeConsultingMaxwell – FDs attack JDS fine as Coopers’ fees emerge

Maxwell - FDs attack JDS fine as Coopers' fees emerge

Coopers & Lybrand came under renewed attack for its role in the collapse of the Maxwell empire this week after it emerged that it earned up to #21m between 1988 and 1991, dwarfing the #3.5m penalty imposed on the firm for its work over the same period.

The analysis also shows the fine could have been much higher. Most of those fees came from work carried out by Coopers that the Joint Disciplinary Scheme agreed not to investigate under a deal with the firm.

Some #6.2m of of Coopers’ #20m Maxwell-related income came from its work for Maxwell Communication Corporation, which was not investigated under an agreement reached between Coopers and the JDS.

The figure emerged as almost three-quarters of finance directors surveyed by Accountancy Age said the firm had escaped lightly with a #3.5m penalty for failing to police the empire of the late Robert Maxwell.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer