UPDATE:
OPI receiver lashes Crowe Horwath over OPI
releaseThursday, 18 September 2014, 2:49 pm
By Paul McBeth
Accounting firm PwC has taken the rare step of chastising another member of its own industry,
ASX-listed Crowe Horwath, for understating by half the value of a settlement reached over the auditing of OPI Finance in the failed finance company's receivership and breaking a confidentiality agreement on the deal.
PwC, receivers for OPI Finance, said the settlement with Crowe Horwath was for $12.5 million,
not the $6.25 million the firm claimed in a statement to the ASX yesterday.
Crowe Horwath became liable for the settlement through its acquisition of Lower Hutt-based accounting firm Sherwin Chan & Walshe, which audited OPI Finance, prior to its collapse in.................
The finance company went into receivership in September 2009 after a 16-month moratorium and was put into liquidation in November 2011. At the time of the receivership it owed almost 11,000 investors about $256 million, of which 3.25 cents in the dollar has been repaid, on top of the 22.19 cents investors received during the moratorium.
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