Polly Peck auditors 'reprimanded'
Three ICAEW members and partners of a firm in Northern Cyprus have been 'reprimanded, admonished and fined' by the UK accountancy watchdog for their role in the collapse of Polly Peck International.
Link: Fallout from Polly Peck continues
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.