PracticeAccounting FirmsBarings: Deloitte happy with High Court ruling

Barings: Deloitte happy with High Court ruling

Big Four firm Deloitte & Touche claims the judgement made in the High Court today vindicates its audit work at Barings bank, placing the blame at the feet of the former management of the bank.

Link: Barings: Deloitte found liable

In a statement the firm said the ruling made the ‘unequivocal determination’ that officers from Barings Bank, and not Deloitte & Touch Singapore, were responsible for failing to prevent the fraud of Nick Leeson and the subsequent collapse of the bank.

In response to being found negligent for its audit work during 1992 and 1993 at Barings Futures Singapore, Deloitte claimed they were ‘two very narrow technical issues’.

Deloitte said it expected the outcome of today’s judgement to ‘absolve Deloitte & Touche Singapore of any financial obligation’ adding that total claims could now not exceed £1.5m.

‘This is a deserved and gratifying result for the Singapore partners who have, since 1995, lived under accusations of severe negligence and devastating damage claims exceeding £1bn. We are pleased that their determination to resist these allegations has been indicated,’ Deloitte said.

Related Articles

Productive accountancy firms lead the way

Accounting Firms Productive accountancy firms lead the way

3d Simon Adcock, HSBC
LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

Accounting Firms LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

4d Fergus Payne, Lewis Silkin
BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

1w Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

2w Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

2w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

3w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

3w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

3w Emma Smith, Managing Editor