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.