View Post

KPMG and the HBOS whistleblower

In Article Library by Ian Fraser1 Comment

By Ian Fraser Published: Sunday Herald Date: 18 December 2011 KPMG was already auditing Halifax when the ex-building society merged with Bank of Scotland a decade ago, and the audit firm took over responsibility for auditing HBOS books from September 2001. The firm fulfilled this function until HBOS had to …

View Post

Goodwin may face criminal charges after all

In Blog by Ian Fraser0 Comments

14 December 2011 Note: An edited version of this blog post is available at Huffington Post UK The FSA spent an estimated £10m on its report into the failure of RBS, including £7.7m paid to ‘Big Four’ accountants PWC. But the Canary Wharf-based regulator has lived up to its name …

View Post

Irish bailout seems to unravel before it’s even announced

In Blog by Ian Fraser0 Comments

27 November 2010 You know that things must be getting desperate in Ireland when the Irish want to draft in Ryanair chief executive, Michael O’Leary to help run the country. According to a Reuters report, the no-nonsense Cork-born airline chief executive, whose opinion of the country’s politicians is regularly expressed …

View Post

Banking’s Abu Ghraib

In Blog by Ian Fraser11 Comments

3 October 2010 A fourth person has been arrested in relation to Thames Valley Police’s Operation Hornet investigation into “corruption and large-scale fraud in connection with HBOS”. [Note: comments on this post have been disabled and earlier comments from witnesses removed as a result of police investigation “Operation Hornet”. Ian …

View Post

Is BGC Partners being entirely honest about its Mint deal?

In Blog by Ian Fraser5 Comments

11 September 2010 David Mills, the founder of Core Enterprise Management and Quayside Corporate Services, is a past master of prepackaged administrations and corporate phoenixings. It therefore came as no surprise when I learnt today that a company where Mills was chairman, London-based interdealer broker Mint Partners, went into administration …

View Post

Bust air firm may provide key to HBOS controls failures

In Blog by Ian Fraser4 Comments

28 August 2010 [Editorial Note: This article was written in June 2010 but has not previously been published in its entirety. An edited version was published in The Sunday Times on June 27th, 2010] Directors of an aviation business that crash landed owing HBOS £113 million in September 2007 were allowed …

View Post

Bust air firm bought for £7

In Article Library by Ian Fraser2 Comments

By Ian Fraser Published: The Sunday Times Date: 27 June 2010 Buy-back deal allows Corporate Jet Service directors to avoid millions of pounds of debt to unsecured creditors Directors of an aviation business that went bust owing HBOS £113m were able to buy it back from the administrators for an …

View Post

The secrets and lies of Gordon Brown

In Blog by Ian Fraser5 Comments

18 April 2010 Gordon Brown’s hypocrisy towards the banking sector knows no bounds. The doomed prime minister recently branded the investment bank Goldman Sachs as “morally bankrupt” and asked the FSA to investigate. Yet Brown has ignored corruption and moral bankruptcy closer to home. Has he “forgotten” that, eighteen months …

View Post

THE WAITING GAME

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: CA Magazine Date: 1 December 2009 Potential sellers are waiting for a recovery, potential buyers are waiting for the bottom of the market and, as Ian Fraser reports, corporate finance professionals are waiting for dealflow to pick up Scotland’s dealmakers have had plenty of time for quiet reflection …

View Post

Danger of death: Which audit firm will go down first?

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: The Herald Business Date: 6 November 2008 The accountancy firms that audited our distressed banks are coming under increased scrutiny The partners of “Big Four” accountancy firms have good reason to feel nervous at the moment. Already the world’s largest accountancy firm PricewaterhouseCoopers, which was responsible …