KPMG to investigate Airbus finances
No conflict of interest for firm
Big Four Firm KPMG has been called into investigate the health and finances
of aircraft maker Airbus following an independent assessment by financial
services group Rothchild.
According to The Scotsman, the appointment of KPMG has been approved
despite initial conflict of interest concerns as the firm is the auditor of BAE,
EADS and Airbus.
KPMG was deemed independent because it equally served all the interested
parties and was familiar with the issues involved. The audit is expected to
delay the sale of the stake until September.
KPMG is due to start its work next week.
The move follows the decision by BAE Systems to sell its 20% stake in Airbus
to EADS, the Franco-German defence and civil aviation manufacturer that already
owns 80% of Airbus.
BAE is reportedly dissatisfied with the £1.9bn valuation of its stake in the
company.