ASIC to sue KPMG over Westpoint
By SmallStocks on Oct 14, 2008 in Business
Ouch …. the fallout over the Westpoint scandal is finally starting to get some movement and KPMG is the target. ASIC released a statement yesterday, stating it was taking legal action in the Victorian Supreme Court against the accounting agency following the $300+ Million AUD losses which occurred due to the scandal. According to the released:
“The claims are for negligent conduct by KPMG of audits of the financial accounts of various Westpoint companies for the years ended 30 June 2002, 2003 and 2004 and are in the order of $200 million. The action, if successful, could potentially benefit up to 80 per cent of investors in the Westpoint Group.”
KPMG replied late yesterday with a statement indicating it was “disappointed” with the action taken and would defend itself to the fullest.
Well, obviously its going to f#@king defend itself – $200 million is at stake. They weren’t about to go “No Probs, here is $200 million and now everyone can be happy” were they ?
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