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
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
