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.

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