BDOgate: the plot thickens

Posted on August 14, 2012


We have grave suspicions concerning the role of BDO in this affair.
Our additional questions for BDO in BDOgate are:

1. When were BDO first aware that Tiuta was insolvent? January 2011?
2. When did BDO first learn that loans that had been redeemed were
still recorded as existing loans in the books of Tiuta? January 2011?
3. When did BDO first become aware that monies from loan repayments
were not repaid to the Fund? January 2011?
4. When were BDO first made aware that monies that should have been
repaid to the Fund were misappropriated to meet the overheads of Tiuta
or used to repay other lenders or used to make other loans or
generally co-mingled with monies of other funds? January 2011?
5. Did BDO fail to report these matters to the FSA and to the police?
If so, why?
6. Did BDO allow the Ponzi scheme to continue to run sucking in money
from new investors even though BDO had evidence to suggest that Tiuta
was insolvent and may have been accounting falsely, misappropriated
assets and been money laundering? Did BDO want to be lined up for the
lucrative insolvency job (the role of administrators) or to report on
the firm’s supposed turnaround to the FSA on a monthly basis?
7. Did BDO withhold any material information from Rawlinson & Hunter,
the auditors of Tiuta?
8. Is it true that BDO has refused requests to provide information to
Duff and Phelps, acting for the Fund? If so, why?
9. Would BDO be willing to provide the Action Group, for publication
on this website, with the advice given by its solicitors that caused
it to decline the request to present to investors and answer their
questions at the General Meeting that took place on 13 August?
10. Why did BDO engage Connaught, for a fee of almost half a million
pounds a year, to continue to manage the loan book? Does it consider
Connaught to be competent in performing such a task? Is it concerned
about any conflicts of interest arising from the involvement of Mike
Davies or Nigel Walter?

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