Huseyin Erdal and Firuz Fehmi, partners in Erdal & Co, and Ahmed Ozdal, a former partner were the secondary auditors of Polly Peck’s packaging subsidiary in the Turkish Republic of Northern Cyprus.
The Joint Disciplinary Tribunal ordered the three to pay £125,000 towards the costs of the executive counsel.
Erdal & Co were responsible for auditing the results from the subsidiaries and then reporting them to Stoy Hayward, the group auditor.
Polly Peck, a former FTSE-100 darling, collapsed in October 1990 under the chairmanship of Asil Nadir with debts totalling £551m.
Nadir left the country prior to his trial at the Old Bailey. He is believed to be in the TRNC from where it is not possible to extradite him.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements