The UK’s Financial Reporting Council (FRC) has published the final report of the disciplinary hearing against Deloitte & Touche, who were advisers to MG Rover Group, and Maghsoud Einollahi, who was a partner at Deloitte & Touche.
Following the independent tribunal hearing on 29 July, where it was announced that all 13 allegations had been proven, the final report and detailed findings set out the tribunal’s conclusions.
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Having heard submissions from the parties, the Tribunal imposed the following sanctions:
Deloitte & Touche: A severe reprimand and a fine of GBP14m.
Einollahi: Exclusion from the profession for three years and a fine of GBP250,000.
Paul George, FRC executive director conduct, said: “The final report of the tribunal provides a clear analysis of the case and how it reached its conclusions. It should be essential reading for all members of the profession. The sanctions imposed are in line with the FRC’s aim to ensure penalties are proportionate and have the necessary deterrent effect to prevent misconduct and bolster public and market confidence.”
