Archive for July, 2013

Deloitte faces loss of license to operate in Spain for “very serious offences”

Tuesday, July 2nd, 2013

According to El Confidencial, the auditing firm Deloitte is facing the loss of its license to operate in Spain. The Ministry of Economy has uncovered “very serious offenses” in the auditing of Bankia by Deloitte.

The inspection, carried out by the Institute of Accounting and Auditing (ICAC) of the Ministry of Economy, on the performance of Deloitte in the merger and IPO process of Bankia detected “very serious offenses”. These could lead to the loss of the license of the audit firm to operate in Spain. The findings, contained in three documents to which El Confidencial had access, have already been referred to the magistrate in the Bankia case, the National Court Judge Fernando Andreu, who will have to assess them now and decide if this implies new criminal liabilities. At present there are 32 past directors of Bankia who are defendants in the case that began after a complaint from the Union, Progress and Democracy (UPyD) political party. for commerciales information on investment real estate transactions, corporate and owner occupation in the Spanish property market.