Deloitte can appeal part of its Rover fine

Marion Dakers
DELOITTE has been given permission to appeal part of the record £14m punishment imposed for its work with the ill-fated car company MG Rover.

The accounting firm is allowed to contest six of the 13 findings against it, the Financial Reporting Council said yesterday.

Deloitte and one of its former partners were penalised in September for failing to consider the public interest and failing to properly manage conflicts of interest between MG Rover and its directors, a group of businessmen known as the Phoenix Four.

The leave to appeal relates to one of the transactions, a tax offsetting scheme known as Project Aircraft, that Deloitte put together. A tribunal found that on this project, the accountant failed to consider the public interest.

The seven findings in relation to the other transaction, known as Project Platinum, still stand.

The car group collapsed in 2005 under debts of £1.4bn, five years after the Phoenix Four took over the ailing company for a token £10.

Deloitte acknowledged the leave to appeal yesterday but did not say whether it would use it.