By James Bennett, Accountancy Age
The Norwegian branch of KPMG has said it will pay 347m kroner ($53.5 million) in damages to eight banks in an out-of-court settlement over one of the country’s worst bankruptcies in a bid to avoid years of court battles.
In its second large payout in a month, the Norwegian court found KPMG negligent in auditing the books of debt collection agency Finance Credit, which went bankrupt in 2003 owing 1.3bn kroner ($200.5 million) to the banks.
For this complete story, please visit KPMG Settles Over Norwegian Collection Agency Bankruptcy Case.
