Deloittes to proceed with Barings case

The news comes as Charles Aldous QC, counsel for E&Y, announced a settlement in principle with Coopers & Lybrand, Barings’ former group auditor.

Rick Murray, legal adviser to Deloittes Singapore, said: ‘Following today’s announcement of a potential settlement by Coopers & Lybrand in the Barings case, Deloitte & Touche will proceed with its defence in the case, which will demonstrate the suitability of our audit services and supervening breaches of duty by Barings itself and by Coopers & Lybrand.’

Deloittes Singapore has maintained its readiness to fight the lawsuit since a mediation attempt by the City Disputes Panel failed in 1998.

‘Whilst we continue not to be a party to the settlement negotiations and are not aware of the details of the proposed settlement, for the 12 Singapore partners who are defendents, however, these continuing delays are both expensive and frustrating,’ added Murray.

Mr Justice Evans-Lombe, presiding judge, said the case against Deloittes Singapore would now reach court in October.

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