PracticeAccounting FirmsVersailles’ auditor to face tribunal

Versailles' auditor to face tribunal

The profession's senior watchdog has today laid complaints against Thomas Peter Dales for his role as reporting accountant and auditor of collapsed trade finance company Versailles.

Chris Dickson, executive counsel of the Joint Disciplinary Scheme, completed his investigation concluding that there is a case against Dales for his role ‘as reporting accountant and partner in Nunn Hayward, in sending letters of comfort to Versailles’ directors’.

A Joint Disciplinary Tribunal will be appointed to hear the complaints. The final report will be published.

Dales will also be held to account for his role ‘in the audit of Versailles’ accounts for the years ending 28 February 1998 and 28 February 1999′.

Versailles went into receivership in February 2000 after it collapsed with debts of £100m.

It floated on the Alternative Investment Market in 1995 and had grown to market value of £630m when its shares were suspended in December 1999 after accounting irregularities were discovered.

The case has been plagued by delays since the SFO took it on because investigators wanted to wait for the company’s receivers, PricewaterhouseCoopers, to conclude its probe.

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