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DTI report prompts PwC apology.

Document Cited in Related
Vincent
AuthorBernstein, Marc
PositionRobert Maxwell fraud case - Department of Trade and Industry report on Mirror Group Newspapers - Brief Article

Maxwell fraud investigators criticise the financial advisers

PricewaterhouseCoopers and US investment bank Goldman Sachs have apologised for their role in the fraud committed by the late Robert Maxwell. The announcements follow the publication of the much-delayed Department of Trade and Industry 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 and successfully deceived. "We regret what happened, but with the benefit of hindsight 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. "They bear responsibility for the failure to make Mirror Group Newspapers suitable for listing and the inaccuracies...

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