KPMG Refuses To Approve BES Accounts, Warns Of Further Loss
Auditor KPMG has refused to approve bailed-out Banco Espirito Santo’s first-half report and accounts, published on Monday, citing the bank’s failure to provide adequate information on its financial position and also warned of possible further losses. BES’s consolidated report confirmed a loss of nearly 3.6 billion euros first revealed on July 30, largely due to its exposure to its founding Espirito Santo family’s crumbling business empire. The losses forced the Bank of Portugal to step in on Aug.3 with a 4.9 billion euro rescue plan for the country’s biggest bank, using public funds.
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