KPMG Accused Of Misleading Regulator Over PE Deal

Law360, London (November 16, 2020, 4:45 PM GMT) -- Britain's accounting watchdog accused KPMG on Monday of advising a struggling mattress company even though its professional judgment was "hopelessly compromised" and of helping it mislead regulators and trustees over its pension fund.

KPMG and one of its restructuring partners "brought discredit on the profession" over their conduct during the sale of Silentnight to private equity firm HIG in 2011, the Financial Reporting Council alleged at a disciplinary tribunal hearing.

The Big Four audit company and its partner David Costley-Wood are accused of supporting a plan devised by HIG and some of Silentnight's managers to engineer a takeover of the business...

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