Police raid E&Y in Akai probe
Source: Agencies |
October 1, 2009, Thursday
|
Print Edition
Print Edition
POLICE raided the Hong Kong offices of accounting and auditing giant Ernst & Young as part of a fraud investigation linked to the city's biggest corporate collapse.
New York-based Ernst & Young, one of the Big Four global auditors, said it had lent police "every assistance" when they visited its offices on Tuesday.
The search came after Ernst & Young was accused in court of falsifying documents to shield itself from a negligence claim brought by the liquidators of electronics company Akai Holdings.
The lawsuit ended last week with an out-of-court settlement in which Ernst & Young paid "an undisclosed amount" to the liquidators, Borrelli Walsh.
The Akai liquidation in 2000 left creditors with debts of more than US$1 billion.
Ernst & Young said documents produced for the audits of Akai in 1998 and 1999 "could no longer be relied on due to action of the audit manager," now one of its partners.
A police spokeswoman said a 41-year-old man surnamed Dang had been arrested. The South China Morning Post identified the man as Edmund Dang, one of Ernst & Young's partners in Hong Kong.
New York-based Ernst & Young, one of the Big Four global auditors, said it had lent police "every assistance" when they visited its offices on Tuesday.
The search came after Ernst & Young was accused in court of falsifying documents to shield itself from a negligence claim brought by the liquidators of electronics company Akai Holdings.
The lawsuit ended last week with an out-of-court settlement in which Ernst & Young paid "an undisclosed amount" to the liquidators, Borrelli Walsh.
The Akai liquidation in 2000 left creditors with debts of more than US$1 billion.
Ernst & Young said documents produced for the audits of Akai in 1998 and 1999 "could no longer be relied on due to action of the audit manager," now one of its partners.
A police spokeswoman said a 41-year-old man surnamed Dang had been arrested. The South China Morning Post identified the man as Edmund Dang, one of Ernst & Young's partners in Hong Kong.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
