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JOHNSON & HIGGINS REMITS REFUNDS

JOHNSON & HIGGINS REMITS REFUNDS
 WINNIPEG, Oct. 2 /CNW/ - Johnson & Higgins Ltd. announced today that an audit to detect irregular billing practices has now been completed by KPMG Peat Marwick Thorne. The audit has determined that a total of about $2.5 million was charged improperly to some Manitoba clients who will be refunded by the firm. Unaffected clients will also be advised.
 "We regret the impact of these irregular practices upon our clients and we will be providing fair restitution to all our existing clients and former clients affected by this situation," said William McAleer, Chief Operating Officer for Johnson & Higgins Ltd.
 "We were surprised and concerned by the extent of these irregular billing practices," said Mr. McAleer. He explained that the Peat Marwick Thorne audit had been arranged by Johnson & Higgins, following its discovery of some irregularities in its Winnipeg branch's former billing procedures. A copy of the auditor's report has been provided to the regulatory authorities.
 "It is our sincere wish that our prompt, corrective action will help maintain our clients' confidence in the integrity of our firm," Mr. McAleer concluded.
 For further information: Mr. Alan Bossin, Senior Vice-President, Johnson & Higgins Ltd. (204) 985-8300; Mr. William McAleer, Executive Vice-President and Chief Operating Officer, Johnson & Higgins Ltd. (416) 867-4206
 -0- 10/02/92


CO: JOHNSON & HIGGINS LTD. ST: -- c0117 -- X084 10/02/92
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Publication:PR Newswire
Date:Oct 2, 1992
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