Goddamn it, why this has never came up in all the pre-trial researches
by our esteemed legalese entrusted with protecting PIF’s best interests?
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KPMG Faces Criticism for Espírito Santo Audit Work
Bank's Collapse Raises Questions Whether KPMG Should Have Detected Problems Earlier
By Patricia Kowsmann, David Enrich and Margot Patrick
Aug. 28, 2014 8:04 a.m. ET
In KPMG LLP's Lisbon office, few clients provided as much audit work as the Espirito Santo Group,
whose business interests ranged from banking to mining.
Now the collapse of the family-owned empire is raising questions about
whether KPMG should have detected problems earlier.
KPMG was the auditor of Espirito Santo Financial Group SA,
a publicly traded Luxembourg finance company that filed
for creditor protection in July. In Lisbon, it was the auditor
of Banco Espírito Santo SA, which was bailed out in August,
and of dozens of related companies.
And KPMG was the auditor of three offshore investment vehicles
that trafficked in Espirito Santo debt and played a part in what
the Portuguese central bank describes as a fraudulent scheme.
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