Thomas Cook Faces Probe Over 'Aggressive' Accounting

Law360, London (September 26, 2019, 2:27 PM BST) -- A parliamentary committee said Thursday it will investigate auditing and “aggressive” accounting practices at Thomas Cook to understand the steps that led to the travel giant’s collapse.

The Business, Energy and Industrial Strategy Committee said it will launch an enquiry into the events leading up to the holiday operator’s liquidation on Monday. The committee said it will question Thomas Cook executives, including Chief Executive Peter Fankhauser, on their bonuses.

The business committee will also scrutinize the heads of Thomas Cook’s remuneration and audit committees. Thomas Cook’s three most recent chief executives made almost £30 million while at the company, Frank Field,...

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