Deloitte Fined Record 14 Million Pounds Over MG Rover Conflicts
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Deloitte LLP was fined 14 million pounds ($21.9 million) by a U.K. accounting regulator for failing to properly manage conflicts of interests when advising the now-defunct British carmaker MG Rover Group Ltd.
The punishment is the largest fine issued by the Financial Reporting Council, surpassing the 1.4 million penalty levied against PricewaterhouseCoopers LLP in 2012, a spokesman said. Maghsoud Einollahi, a former partner at Deloitte, was fined 250,000 pounds and banned from the accounting profession for three years.