PracticeConsultingCity braced for DTI’s Maxwell report

City braced for DTI's Maxwell report

The City is readying itself for the long-awaited publication of the Department of Trade & Industry's report on the Maxwell affair later this week.

Although the DTI would not confirm the publication date it is believed the report could be available as early as Thursday.

This week organisations and individuals named in the report, including Coopers & Lybrand Deloitte, have been able to see the full 1,000 word report for the first time.

Previously, they had only been able to see extracts.

The report will heavily criticise those who were involved in the flotation of Mirror Group Newspapers in 1991. PricewaterhouseCoopers will be in the firing line as predecessor firm Coopers & Lybrand Deloitte was auditor to MGN.

Other City firms, including Goldman Sachs and Samuel Montagu, now part of HSBC, are likely to be censured publicly.

Commissioned in 1992, the report was delayed by the unsuccessful prosecution of the Maxwell brothers.

The firm, however, has already been investigated by the Joint Disciplinary Scheme and heavily fined.

The firm also made a substantial contribution to the Maxwell pension funds believed to be in the region of £60m.

Links

DTI website

Maxwell’s ghost returns, but has lesson been learnt?

Coopers’ partners await Maxwell report

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