PwC lodges appeal against watchdog findings on Barings.
PricewaterhouseCoopers has lodged an appeal against the findings of the profession’s senior watchdog on Coopers & Lybrand’s role as auditor of Barings Bank, which collapsed after #860m of unauthorised transactions by rogue trader Nick Leeson.
The Joint Disciplinary Scheme confirmed this week it had received notice of the appeal but would not comment further.
Members of an independent Joint Disciplinary Tribunal had considered complaints against Coopers and two of its partners, Gareth Davies and Andrew Turner.
PwC, formed by the merger of Coopers and Price Waterhouse, also declined to comment.
PwC also faces a court action next year bought by liquidator Ernst & Young on behalf of Barings’ creditors.
The move came as the JDS laid complaints against former deputy chairman of the Barings Group, accountant Andrew Tuckey, for failing to ensure Leeson’s activities were properly monitored.
He now faces a tribunal which, if it finds against him, could impose fines or exclude him from the profession.
Tuckey also faces other complaints relating to the bank’s collapse, laid by Chris Dickson, JDS executive counsel.
Already disqualified as a company director, Tuckey now works for US merchant bank Donaldson Lufkin and Jenrette’s London offices, but declined to comment.
Deloittes delays Barings trial