Mayflower Share Discussion Threads

[soysoy] 09/1/2006 22:28

Not sure what I can add ,but I feel we are making there life difulcult for
PwC, David Donnelly and Ian Shelton:


THE LIKES OF HSBC ARE GOING TO WANT MORE THAN BLOOD WITH 250 MILLION THEY HAVE LOST
My email has stopped working and just going to post things on here from now on

[soysoy] 09/1/2006 22:18

14 December 2005


The following Disciplinary Tribunal has been appointed to hear the Complaints in relation to PwC, David Donnelly and Ian Shelton:




Chairman: Robert Rhodes QC


Laypersons: Bruce Warman

Marion Simmons QC


Accountants: Arthur Harverd FCA

Christopher Whittington FCA








Dates for the hearing will be announced in due course.

[nipper33] 09/1/2006 21:14

Some how I dont think so.

[crazy russian] 07/1/2006 12:08

it will not make any difference
even if the FSA actually do arrive at some conclusion they will not be able to extract any money or impose any penalty from any of the con artists who ripped us off

they all close ranks!
look at the 'ties'

see who now works for who...and at what salary!

[nipper33] 07/1/2006 09:46

Talk about long winded,they will be 6ft under before matters are concluded!

[soysoy] 04/1/2006 14:40

ONE MORE FOR THE POT
The Mayflower Corporation plc


AIDB PN 6 19 December 2005


Further to the announcement of 14 September 2005, the Executive Counsel of the AIDB has completed an investigation into the conduct of Ian Shelton, the former Financial Controller of TransBus International Limited ("TransBus"), one of the principal subsidiaries of the Mayflower Corporation plc.

Following the investigation it has been decided to file disciplinary complaints against Mr Shelton.

The Complaint against Mr Shelton relates to irregularities in the operation of an invoice discounting facility at TransBus and will be heard by an independent Disciplinary

[soysoy] 30/11/2005 07:44

Only this








The Mayflower Corporation Plc

AIDB PN 5 14 September 2005


The Executive Counsel of the AIDB has conducted an investigation into the conduct of : PricewaterhouseCoopers LLP ("PwC") and Arthur Andersen ("Andersen"), both former auditors of The Mayflower Corporation Plc ("Mayflower"); David Thomas Donnelly, the former Finance Director; and Ian Jon Shelton, a former employee of one of Mayflower's principal subsidiaries, Transbus International Limited ("Transbus").

Following the investigation it has been decided to file disciplinary complaints against PwC and Mr Donnelly.

The Complaint against PwC relates to the following matters:

Their audit of the 2002 Transbus accounts and, in particular, amounts held on behalf of a bank under an invoice discounting facility;
Their audit of the 2002 Mayflower accounts and disclosures relating to the company's ability to continue as a going concern beyond 31st December 2003.
The Complaint against Mr Donnelly relates to the following matters:

Disclosures in the 2002 Mayflower accounts relating to the company's ability to continue as a going concern beyond 31st December 2003.
The refinancing of the Group's banking facilities at the end of 2003 and the failure to disclose the discovery of accounting irregularities at one of Mayflower's principal subsidiaries.
The complaints will be heard by an independent Tribunal to be convened shortly.

No complaint will be filed against Andersen.

The investigation relating to Mr Shelton is currently being finalised and the outcome of that part of the investigation will be announced separately.

[nipper33] 29/11/2005 18:52

Is an update poss?
Thanks

[nipper33] 09/11/2005 14:37

Gone very very quiet,have the powers to be gone to sleep?

[soysoy] 19/9/2005 15:58

PwC faces third probe into its audits
Robert Lea, Evening Standard
14 September 2005
BRITAIN'S biggest accountant, PricewaterhouseCoopers is facing a third major investigation of its auditing after financial reporting regulators said it is being sent to a disciplinary tribunal over its work on bust client Mayflower.



After a 14-month investigation into the collapse of busmaker Mayflower, the beefed-up Financial Reporting Council's Accounting Investigation & Discipline Board has called for an independent tribunal inquiry into PwC's auditing of the company.

That means PwC could be in the accountancy profession's dock twice in a matter of weeks. The firm is this autumn finally due in front of a long-awaited tribunal into its auditing of BCCI, the scandal-ridden bank shut down by the Bank of England 15 years ago and which is currently the subject of a separate major High Court case.

PwC is also awaiting a further tribunal hearing into its auditing of TransTec, the engineer once run by former Labour paymaster-general Geoffrey Robinson, which has also attracted a Serious Fraud Office investigation.

News of the Mayflower hearings comes just a day after PwC confirmed itself as Britain's most-profitable accounting firm with earnings last year of £472 million and average profit shares for partners of pound;620,000 each. The company said it was enjoying a boom in accounting and auditrelated advice.

The Accountancy Investigation & Discipline Board said the complaints centre on the 2002 Mayflower and subsidiary accounts, an invoice discounting facility and disclosures over the company's ability to continue as a going concern beyond 31 December, 2003.

The disciplinary board - which only investigates accounting firms or qualified accountants - has also laid claims against Mayflower's finance director, David Donnelly.

These question going concern disclosures in the 2002 accounts as well as the refinancing of the group's banking facilities at the end of 2003 and the failure to disclose the discovery of accounting irregularities at one of Mayflower's principal subsidiaries.

Mayflower went bust in 2004 with debts of £250m. Shareholders ended up with nothing. PwC said it was 'surprised' by the decision of the disciplinary board.

Other stories:
PwC faces probe over Mayflower collapse
Red tape boosts PwC profits
PwC to pay £23m over false travel claims

[soysoy] 18/9/2005 15:38

PwC faces probe over Mayflower collapse
Robert Lea, Evening Standard
14 September 2005
BRITAIN'S biggest audit firm is under investigation by accounting regulators after the crash of bus maker Mayflower, the firm whose directors included former Prime Minister John Major.




Just one day after Pricewaterhouse-Coopers reported record profits of £472m in the UK on the back of its dominance of the FTSE 100 company audit market, the Accountancy Investigation & Discipline Board (AIDB) has opened a probe into alleged irregularities in its auditing of Mayflower.

The AIDB is the new, beefed-up watchdog charged by the Department of Trade & Industry to oversee the accountancy profession.

After months of preliminary investigations into the 2004 crash of Mayflower, the AIDB has now said it will launch a disciplinary tribunal to rule on complaints into PwC.

In a statement, it said: 'The complaint against PwC relates to their audit of the 2002 Transbus [Mayflower's main subsidiary] accounts and, in particular, amounts held on behalf of a bank under an invoice discounting facility [and] their audit of the 2002 Mayflower accounts and disclosures relating to the company's ability to continue as a going concern beyond 31 December, 2003.'

The AIDB has also laid claims against Mayflower's finance director, David Donnelly. Those question going concern disclosures in the 2002 accounts.

A further complaint against Donnelly is regarding the refinancing of the group's banking facilities at the end of 2003, and the failure to disclose the discovery of accounting irregularities at one of Mayflower's principal subsidiaries.

There were further complaints laid against Andersen, the audit firm that looked after Mayflower prior to PwC but which was replaced in the backwash of the Enron scandal. As Andersen subsequently collapsed, the AIDB is not following these up.

A further investigation by the AIDB into allegations against Jon Shelton, a former employee of Transbus, is pending. The AIDB has the power only to investigate qualified accountants or accountancy firms.

Shareholders in Mayflower got nothing after it collapsed with debts of around £250m. PwC said that it was 'surprised' at the decision to send it to a disciplinary tribunal.

Other stories:
Red tape boosts PwC profits
PwC to pay £23m over false travel claims

[soysoy] 18/9/2005 15:32

PwC investigated over role in Mayflower collapse

KARL WEST, City Editor September 15 2005

BRITAIN'S biggest audit firm is being investigated by the accounting regulator over its part in the collapse of bus maker Mayflower, which owned Falkirk-based TransBus.
Following an investigation, the Accountancy Investigation & Discipline Board yesterday said it had decided to file "disciplinary complaints" against PricewaterhouseCoopers and Mayflower's former finance director, David Donnelly.
The regulator's complaint against PwC relates to the firm's audit of the 2002 TransBus accounts and, in particular, "amounts held on behalf of a bank under an invoice discounting facility". The complaint also relates to PwC's audit of Mayflower's 2002 accounts.
The regulator said the complaints would be heard by an independent tribunal, which would be convened "shortly".
TransBus fell into administration in April 2004 after the collapse of Mayflower, its parent company whose directors included former prime minister, JOHN MAJOR . A £20m black hole was found in Mayflower's accounts and it revealed debts in the region of £200m.

*It was also reported that four founding directors of Mayflower shared a £9m pension fund, ring-fenced from the main pension scheme, which had an estimated £25m deficit.

TransBus was eventually rescued from administration after heavyweights David Murray, Brian Souter, and his sister Ann Gloag stepped in at the eleventh hour with a £90m deal that saved hundreds of jobs.
The AIDB also said it was continuing to investigate the role of Jon Shelton, a former employee of TransBus International, in Mayflower's demise .

[Abuse team] 15/9/2005 23:06

Post removed by ADVFN

[Abuse team] 15/9/2005 22:59

Post removed by ADVFN

[Abuse team] 15/9/2005 22:54

Post removed by ADVFN

[Abuse team] 15/9/2005 22:50

Post removed by ADVFN

[soysoy] 15/9/2005 22:21

Accountants face Mayflower tribunal
ACCOUNTANCY firm PricewaterhouseCoopers is to face a disciplinary tribunal relating to audit work at collapsed Wigan busmaker Mayflower, it emerged today.

The hearing was ordered after the Accountancy Investigation and Discipline Board filed a complaint against PwC at the end of a year-long inquiry into the bus firm whose former directors included ex-Prime Minister Sir John Major.

PwC, which carried out the audit of Mayflower's accounts for 2002, described the complaint as "misconceived" and said it was confident its work was "planned and conducted with due skill and care".

The AIDB said it had also laid a disciplinary complaint against Mayflower's former finance director David Donnelly.

Mayflower collapsed last year in the wake of its revelation of accounting irregularities at Transbus International, its biggest division in the UK with 2,640 employees at sites including Falkirk, Belfast, Wigan and Guildford. More than 300 jobs went at Wigan.

The complaint against PwC relates to the audit of the 2002 Transbus accounts "and, in particular, amounts held on behalf of a bank under an invoice discounting facility".

The second part of the complaint involves the audit of the 2002 Mayflower accounts and disclosures relating to the company's ability to continue as a going concern beyond December 31, 2003.

In response PwC said: "We are surprised that the AIDB has chosen to file disciplinary complaints against this firm.

"We have examined the conduct of the relevant audits carefully and are very confident they were planned and conducted with due skill and care.

"We consider the complaints to be misconceived and we look forward to explaining why that is the case to the tribunal."

Disciplinary complaints filed following an AIDB investigation are heard by an independent tribunal.

There is a wide range of sanctions which it can impose, including an unlimited fine, exclusion from membership of a professional body and withdrawal of practising certificates or licenses.

from manchester evening news

[soysoy] 15/9/2005 22:17

PwC will defend Mayflower claims Sep 15 2005







Accountancy firm PricewaterhouseCoopers said it would vigorously defend allegations of malpractice in its role as auditor of collapsed bus maker Mayflower.

It faces unlimited fines if complaints by Britain's auditing watchdog are upheld.

PwC, which carried out the audit of Mayflower's accounts for 2002, described the complaint as "misconceived" and said it was confident its work was "planned and conducted with due skill and care".

The prosecution follows an investigation by the Accountancy Investigation and Disciplinary Board (AIDB) into PwC's role at Mayflower, which collapsed last year with debts of £180 million.

A tribunal, which will decide the case, also has the power to exclude companies from professional bodies or withdraw their practising licences,

One of two complaints by the AIDB refers to the auditor's treatment of Mayflower's going concern status, before it filed for bankruptcy in 2004.

PwC said it would defend itself at the formal hearing, which will be in front of five adjudicators on a date to be decided.

A spokeswoman for PwC said: "We are surprised the AIDB has chosen to file disciplinary complaints against this firm.

"Since then we have examined the conduct of the relevant audits and we are very confident they were planned and conducted with due skill and care."

Staff from the London office of PwC carried out the audit for the 2002 financial year, and were undertaking the same task for 2003 accounts, when the company collapsed.

The AIDB is also prosecuting Mayflower's former finance director David Thomas Donnelly, and is still investigating a former employee of a Mayflower subsidiary. The AIDB is separately investigating Deloitte over its role as auditor and adviser to Mayflower customer, MG Rover.


Top

[soysoy] 14/9/2005 19:20

PwC facing disciplinary complaint over Mayflower

The Accountancy Investigation and Discipline Board (AIDB) is filing a disciplinary complaint against PricewaterhouseCoopers, following an investigation into the firm's conduct as former auditor of The Mayflower Corporation and its subsidiary, Transbus International. A complaint is also being filed against Mayflower's former finance director, David Donnelly.
The complaint against PwC relates to their audit of the 2002 Transbus accounts - particularly amounts held on behalf of a bank under an invoice discounting facility
- and their audit of the 2002 Mayflower accounts, especially disclosures relating to the company's ability to continue as a going concern beyond 31 December 2003.

Donnelly is facing a disciplinary complaint over disclosures in the 2002 Mayflower accounts relating to the company's ability to continue as a going concern beyond 2003, the refinancing of Mayflower's banking facilities, and the failure to disclose the discovery of accounting irregularities.

The AIBD also investigated Arthur Andersen, another of Mayflower's former auditors, but decided not to file a complaint. An investigation into the conduct of Ian Shelton, a former employee of Transbus, is still being finalised.

The complaints against PwC and Donnelly will be heard by an independent tribunal to be convened shortly.

More details can be found on the AIDB website



AccountingWEB 14-Sep-2005
Categories: