§ Mr. Austin MitchellTo ask the President of the Board of Trade if he will appoint DTI inspectors to investigate auditing aspects of(a) the Bank of Credit and Commerce International, (b) Polly Peck, (c) Barings, (d) Sumitomo, (e) Levitt and (f) Ferranti. [37835]
§ Mr. OppenheimNo. My Department's powers of investigation extend to companies under the Companies Act 1985, but not to partnerships. The role of auditors in BCCI, Polly Peck, Barings and Ferranti are already the subject of investigations by the professions' joint disciplinary scheme. Initial investigations into Sumitomo are in the hands of the Serious Fraud Office and any auditing aspects arising out of the SFO investigation which fall short of criminality will be referred to the relevant recognised supervisory body for it to consider and take regulatory or disciplinary action as appropriate. The SFO has previously investigated and prosecuted in the case of Roger Levitt.