TUI denies reports of ‘black hole’ inquiry
TUI has denied reports that it has been asked by the City’s governing body to explain how it lost an “illusory” £117 million.
According to a report in The Sunday Telegraph yesterday, a formal inquiry has been launched by the Financial Reporting Council (FRC), the organisation that monitors corporate governance in the City.
The article said the FRC is also likely to examine the circumstances surrounding the resignation of KPMG as Tui’s auditors. It was KPMG which reported the missing £117m.
When it resigned in December, KPMG said it was no longer able to work with Tui due to a “strained relationship” with some of its directors. It also questioned the company’s “disclosure and accounting treatment in the financial statements”.
But a spokeswoman for TUI said this morning: “It is not true that we have been contacted by the FRC.’â€
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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