info.LandsbankiAction.org.gg   30-Mar-2016: Liquidators' Update, see Deloitte site

Landsbanki administrators accuse auditor of negligence

PricewaterhouseCoopers warned it will face claims for damages on behalf of collapsed Icelandic bank's creditors.

Administrators to Landsbanki, the failed Icelandic bank behind the Icesave internet deposit account scandal, have accused the firm's former auditors, PricewaterhouseCoopers, of negligence, warning the accounting firm they expect to claim damages on behalf of creditors.

Landsbanki's creditors include more than 100 UK councils which placed a total £900m with Icesave and — unlike British retail savers — were not protected by a deposit guarantee. The negligence allegations set out at a creditors' meeting yesterday relate to PwC's audit of Landsbanki's 2007 accounts and an endorsement of its half-year financial update six months later. . .

The accusation against PwC's Iceland operations comes after a year of forensic investigations conducted by a team from Deloitte in London. As well as signalling their intention to pursue damages from PwC, administrators have filed a legal claim against former Landsbanki executives relating to losses of more than 30bn kronur (£165m). 01-Dec-10.

http://www.guardian.co.uk/business/2010/dec/01/pricewaterhousecoopers-accused-over-icesave