§ Mr. MitchellTo ask the President of the Board of Trade when her Department's reports on audit failures at(a) Barings and (b) BCCI will be published. [32608]
§ Mr. Nigel GriffithsThe Department does not comment in detail on the affairs of individual companies before proceedings have been concluded. However, Barings was referred to the Accountants' Joint Disciplinary Scheme on 3 October 1995 for investigation of the former auditors and chartered accountants employed within Barings. The investigation has been completed, and a decision by the Executive Counsel to the Joint Disciplinary Scheme on whether to lay complaints for hearing by a Joint Disciplinary Tribunal is expected shortly. It is the usual practice of the Joint Disciplinary Scheme to issue a Press Notice when 743W complaints have been laid; and the Reports of Joint Disciplinary Tribunals are published. Where, however, the Executive Counsel decides not to lay complaints, the Executive Committee has a discretion whether to publish the Executive Counsel's Report.
BCCI was referred to the Accountants' Joint Disciplinary Scheme on 19 March 1992. Further progress in the investigation has been stayed by Order of the Court of Appeal dated 21 December 1993.