Ernst & Young yesterday agreed to make an undisclosed “substantial payment” to the liquidators of Akai Holdings, Hong Kong's biggest corporate failure, after admitting that certain audit documents produced as court evidence were not reliable.
Speaking in Hong Kong's High Court yesterday, Leslie Kosmin, barrister for liquidators Borrelli Walsh, described the settlement as a “very favourable outcome for the creditors of Akai Holdings and another milestone in the winding up of the company”.
E&Y had been Akai's auditor prior to the Hong Kong consumer electronic company's collapse. The liquidators began pursuing the accounting firm for a $1bn negligence claim in 2004.
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