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Financial Reporting Council v Deloitte

Friday 2 August 2013

Deloitte faces fine and sanctions for MG Rover advice

As reported in The Times on 30 July 2013, the Financial Reporting Council’s Disciplinary Tribunal has released its draft report on Deloitte & Touche’s role as corporate finance adviser in the lead up to the collapse of the MG Rover Group – one of The Lawyer’s Top 20 Cases of 2013.

It found the firm and one of its former partners, Maghsoud Einollahi, guilty of professional misconduct in relation to two transactions relating to the acquisition of a £400m loan book (Project Platinum) and the treatment of £100m of tax losses (Project Aircraft).

Nicholas Medcroft of Wilberforce Chambers, together with Tim Dutton QC of Fountain Court, acted for the Executive Counsel to the Financial Reporting Council.Fountain Court’s Bankim Thanki QC leading Ben Jaffey of Blackstone Chambers (instructed by Freshfields Bruckhaus Deringer) acted for Deloitte and Mr Einollahi.The Tribunal has reserved its decision on sanctions.