KPMG Rips 'Absurd' FRC Claims Over Mattress Co. Insolvency
Law360, London (November 17, 2020, 9:27 PM GMT) -- KPMG has denied accusations it helped a private equity fund force a struggling U.K. mattress company into insolvency to shed £100 million ($132.4 million) in pension liabilities before an acquisition, deriding the country's accounting watchdog's allegations as "complete nonsense" at a tribunal Tuesday.
Audit giant KPMG is accused at a tribunal of helping a private equity fund force a struggling bedding company into insolvency. (iStock) The Financial Reporting Council's case that KPMG and its restructuring partner David Costley-Wood were "hopelessly conflicted" when the company was appointed as administrator to Silentnight and engineered its sale to HIG in 2011 is "absurd," KPMG...
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