KPMG Accused Of 'Untruthful Defense' In Silentnight Case
By Najiyya Budaly (October 13, 2021, 12:17 PM BST) -- KPMG and a partner advanced an "untruthful defense" by claiming that the insolvency of bedding company Silentnight was inevitable during a probe into conflicts of interest, the accounting watchdog said Wednesday after fining them a total of £13.5 million ($18.4 million).
The Financial Reporting Council said in a full report published on Wednesday that KPMG and David Costley-Wood, a restructuring partner at the time, had claimed that the Silentnight Group faced a "burning platform" and would inevitably fall into insolvency.
But the report, written by the FRC's disciplinary tribunal, dismissed the allegation as "untruthful" and said it was a "construct invented by...
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