Out-of-court settlement in Malaysia: KPMG coughs up $80m to end global 1MDB scandal January 13, 2022 KPMG has paid $80m to the Malaysian government, in the form of an out-of-court settlement, after Malaysia sued the Big Four firm over the 1MDB scandal, which saw billions stolen from Malaysia’s state-backed 1MDB investment fund. The 1Malaysia Development Berhad (1MDB) scandal saw at least $4.5 bn channelled out of Malaysia’s 1MDB investment fund, by [...]
KPMG halts referrals to its former restructuring unit in bid to recover from Silentnight scandal December 20, 2021 KPMG will no longer refer any work to its former insolvency unit, Interpath Advisory, in a bid to mend its reputation after the scandal over the sale of bed manufacturer Silentnight to a private equity firm, according to reports. The Big Four firm was fined £13m by the UK accounting watchdog earlier this year for [...]
KPMG reports $32bn global revenue as Big Four record strongest performance since Enron December 9, 2021 KPMG has reported a ten per cent rise in annual global revenues, up to $32.1bn, as advisory services have boomed during the pandemic. The combined results of the Big Four consulting firms – Deloitte, EY, KPMG and PwC – are the strongest since the Enron scandal which resulted in the collapse of Arther Andersen, according [...]
KPMG in danger of being banned from bidding for government contracts December 1, 2021 KPMG have been threatened by the government with a ban on bidding for public contracts if there are any more scandals at the Big Four consulting firm, according to reports. The Cabinet Office issued its warning in a letter to KPMG, according to the Financial Times, which first reported the news. The ominous letter, which [...]
Car sales will mostly be online by 2030 in a blow to vehicle dealerships November 30, 2021 UK motoring executives think cars will be mostly sold online by 2030, with electric vehicles (EVs) making between 70 and 100 per cent of new vehicle sales in western Europe. Data from KPMG’s automotive executive survey has revealed that 59 per cent of 1118 executives interviewed believe online sales will become the norm by the [...]
KPMG bets on growth in life sciences as it sets up new regulatory team in London November 30, 2021 KPMG UK has set up a new regulatory team in its life sciences practice amid increasing demand for consulting services in the area. In the face of increasing regulatory requirements and the attention drawn by the pandemic to industry practices, life sciences companies are increasingly turning to consultants. “[This is a time] where life sciences [...]
KPMG backs Bina Mehta as chair in term extension November 24, 2021 Partners at KPMG UK have voted to extend Bina Mehta's term as chair of the Big Four firm until 2024.
KPMG eyes larger piece of UK’s asset management pie as it lures EY and UBS veterans November 8, 2021 Accountancy giant KPMG is ramping up its efforts in the UK’s wealth and asset management space as the firm has appointed a range of new partners. KPMG said it has appointed Dean Brown as a partner and Shelley Doorey-Williams as an Associate Partner in its market leading Wealth and Asset Management practice. Brown will support [...]
KPMG wants nearly a third of staff to be from working class backgrounds September 9, 2021 In a first for a large business in Britain, KPMG has set a target for 29 per cent of its UK partners and directors to come from a working class background by 2030, the company said in an announcement today. Currently less than a quarter of KPMG’s partners, and a fifth of its directors, are [...]
KPMG boss intervenes in dispute with FRC over poor auditing standards September 7, 2021 The global head of KPMG has written to the UK’s Financial Reporting Council (FRC) over the its threats to publish further criticism of the auditor’s repeated failings, the Financial Times first reported. Bill Thomas, KPMG’s global chair and chief executive, entered the increasingly public dispute between the big four auditor and the FRC, after executives [...]