Gold miner Petropavlovsk appoints new chief exec November 30, 2020 Russian gold miner Petropavlovsk has today appointed Denis Alexandrov as its new chief executive, months after clearing out its former top team. Alexandrov, who will join the firm on 1 December, will take over from Maxim Meshcheryakov, who has been the FTSE 250 firm’s acting chief exec since August. From January 2016 to this year, [...]
Troubled Moss Bros launches CVA proposal to tackle ‘perilous’ situation November 27, 2020 Struggling retailer Moss Bros has launched a Company Voluntary Arrangement (CVA) proposal to give it the best chance of emerging for the challenges brought on by the coronavirus. A CVA allows companies to settle debts by paying creditors over a fixed period, and it could see the closure of some of Moss Bros’ 125 UK [...]
KPMG launches energy transition practice to help clients achieve ‘net-zero’ November 27, 2020 KPMG has launched a new specialist Energy Lead Advisory practice to help support clients through energy transition. The new practice will support clients who would like to de-carbonise and embrace the new ‘net-zero’ economy. The new team contains 30 energy specialists in the UK, including newly promoted partner Gavin Quantock to lead alongside KPMG’s new [...]
KPMG partner blasts “witch hunt” case at Silentnight tribunal November 25, 2020 A partner at KPMG who is wrapped up in a case involving KPMG, Silentnight and the FRC has described the case as a “witch hunt” during an outburst at the tribunal. David Costly-Wood, a restructuring partner at KPMG is, along with the big four firm, accused of helping private equity firm HIG Capital force the [...]
Petropavlovsk appoints KPMG as independent forensic investigator November 23, 2020 Russian gold mining company Petropavlovsk has appointed KPMG to undertake a forensic investigation into certain business deals made in the last three years. The investigation will examine deals between Petropavlovsk and its subsidiaries, and fellow mining company IRC and its subsidiaries in the three years to August 2020. The investigation was proposed at Petropavlovsk’s general [...]
Brexit: ECB demands UK banks to move City staff to Europe despite Covid November 18, 2020 The European Central Bank (ECB) has said in no uncertain terms that it expects UK-based lenders to move staff and assets to the Eurozone if they want to keep serving the bloc’s clients after the Brexit transition period. The Bank, which regulates the Eurozone financial system, told banks they could not use coronavirus as an [...]
UK and EU ‘have made progress’ on Brexit talks, business secretary says November 18, 2020 Business secretary Alok Sharma said the EU and UK “have made progress” on a post-Brexit trade deal, amid chatter that an agreement could be reached next week.
Brexit to bring blow to UK Covid-19 recovery – KPMG November 18, 2020 Brexit could hamper the UK’s economic recovery from the coronavirus, with the UK economy not expected to reach pre-Covid levels until late 2022, according to KPMG forecasts. The manufacturing sectors hardest hit by Brexit, including textiles, chemicals and electrical manufacturing, could see output at the end of 2021 between 6% and 12% lower than in [...]
KPMG rubbishes ‘conspiracy theory’ it helped private equity business dump Silentnight pension liabilities November 17, 2020 KPMG has refuted claims it helped US private equity firm HIG Capital force the insolvency of Silentnight so it could acquire the business without the burden of Silentnight’s £100m pension scheme. Speaking at a tribunal today Mark Phillips QC, who was representing KPMG, said the idea that the big four auditor had jeopardised Silentnight’s ability [...]
Watchdog lambasts accountants for ‘basic’ cash flow mistakes November 17, 2020 The Financial Report Council (FRC) has lambasted the accountancy industry for basic errors in cash flow statements. The watchdog said it continues to identify errors in cash flow statements, and as a result has published a review on the subject that examines many of the issues faced in their preparation, and provides information on how [...]