Deloitte faces Rover tribunal

 
Marion Dakers
THE FINANCIAL Reporting Council yesterday argued that Deloitte and one of its former partners fell short of industry standards by acting for both MG Rover and its owners the Phoenix Four in the run-up to the car firm’s collapse in 2005.

On the first day of a month-long disciplinary tribunal, the FRC said there were signs of misconduct in Deloitte and Maghsoud Einollahi’s work on two deals for the Phoenix Four, who were banned from serving as directors for six years in 2011.

The FRC contends “clear conflicts of interests”, and that Deloitte “failed to safeguard [its] objectivity”.

Deloitte said in a statement “there is no basis for the allegations”.