DTI report prompts PwC apology.Maxwell fraud investigators criticise Crit´i`cise v. t. 1. To examine and judge as a critic; to pass literary or artistic judgment upon; as, to criticise an author; to criticise a picture s>. [ imp. & p. the financial advisers PricewaterhouseCoopers and US investment bank Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. have apologised for their role in the fraud committed by the late Robert Maxwell For other persons named Robert Maxwell, see Robert Maxwell (disambiguation). Ian Robert Maxwell MC (June 10, 1933 – November 5, 1991) was a Czechoslovakian-born British media proprietor and formerly Member of Parliament (MP), who rose from poverty to build an extensive . The announcements follow the publication of the much-delayed Department of Trade and Industry The Department of Trade and Industry was a United Kingdom government department which was disbanded with the announcement of the creation of the Department for Business, Enterprise and Regulatory Reform on 28 June 2007[1]. report on Mirror Group Newspapers, which severely criticised the actions of Coopers and Lybrand, now PwC, and Goldman Sachs. "We could argue about specific points in the report, but generally we accept the criticisms," said a PwC spokesman. "We fell short of the high standards we set ourselves and we are extremely sorry. We have made important changes to procedures to avoid something like this happening again." Goldman Sachs claimed that it had been intentionally in·ten·tion·al adj. 1. Done deliberately; intended: an intentional slight. See Synonyms at voluntary. 2. Having to do with intention. and successfully deceived. "We regret what happened, but with the benefit of hindsight hind·sight n. 1. Perception of the significance and nature of events after they have occurred. 2. The rear sight of a firearm. and with the information now available to us, we would have acted differently," a spokesman said. The 350-page report, which looked into the circumstances of the 1991 public offering of Mirror Group Newspapers, said that Coopers and Lybrand and other professional advisers and firms were closely involved with the directors of Mirror Group Newspapers in preparing the company for flotation flotation or froth flotation Most widely used process for extracting many minerals from their ores. The method separates and concentrates ores by altering their surfaces so that they are either repelled or attracted by water. . "They bear responsibility for the failure to make Mirror Group Newspapers suitable for listing and the inaccuracies in the prospectus," it said. The report identified failures in the lack of protection for the group's pensioners, the flotation of new companies on the stock exchange and the trading in shares in transnational markets. But PwC hit back claiming that, once it became clear what had happened, the pensioners' welfare and long-term security was its first priority. "We were at the forefront of those involved in getting wider regulatory changes made and updating what was proper practice," a spokesman said. But the legacy of those efforts has been criticised by smaller accountancy firms. "These new regulations have fallen disproportionately dis·pro·por·tion·ate adj. Out of proportion, as in size, shape, or amount. dis  pro·por on smaller accountancy firms that simply have not got
the same resources as the bigger firms for which the rules were
designed," said Jim Demetriou, partner at Warley and Warley, an
accountancy firm based in Kingston-upon-Thames.
He claimed the changes had over-complicated procedures and his clients have been left unable to understand why certain services are now more intricate and expensive. |
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