Firm appointed to probe legal advice relating to KPMG in Irish Nationwide case

Monday 07 April 2014 16.29
KPMG was the auditing firm of Irish Nationwide before its bailout
KPMG was the auditing firm of Irish Nationwide before its bailout

A legal team has been asked to investigate whether accounting firm KPMG should be added to court proceedings taken against directors of Irish Nationwide Building Society.

Proceedings were taken against five former Irish Nationwide directors by the previous board of the Irish Bank Resolution Corporation, which was formed from the merger of Irish Nationwide and Anglo Irish Bank .

IBRC has since been put into liquidation, with KPMG's Kieran Wallace and Eamon Richardson acting as joint special liquidators.

KPMG was the auditor of the building society, but was not included as a defendant in the proceedings taken by the bank.

The liquidators said this decision was made on foot of advice from its legal advisor, McCann FitzGerald.

However they have now appointed Eugene F Collins Solicitors to review that advice, to find whether it was “adequate and appropriate”.

The solicitors firm confirmed it had no conflict of interest in relation to the matter being reviewed, with the investigation set to be led by litigation partner Terry Leggett.