Is KPMG worried?


KPMG should be really worried about their reputation. Or maybe they’re well connected enough to not have so they don’t have to.

Morgunbladid today asks what kind of business ethics are practiced within the walls of KPMG.

The paper yesterday told an unbelievable story of an investor who approached the company for assistance on a business project in Croatia. Through an illegal shareholders meeting, two KPMG employees later shifted ownership towards themselves and an investor who had been a part of the opration. They used connections at the IRS to get the false documents ratified. The head of KPMG in Iceland Sigurdur Jonsson was aware of and approved this.

The same Sigurdur Jonsson who is the father of Jon Sigurdsson, CEO of FL Group. Remember the outcry when KPMG was supposed to investigate the crash of Glitnir. The same Glitnir that was so intertwined with FL Group that you could hardly see the difference.

And of course behind those companies was Baugur, whose accountant was Stefan Hilmarsson at…KPMG, who was found not guilty for his part in the criminal case against Baugur last year. Tryggvi Jonsson who was found guilty was a former owner of KPMG Iceland. Another of KPMG’s accountants was accused in a big tax-fraud case against a former owner of 365 media, now owned by Jon Asgeir Johannesson.

Is Ben van der Veer sitting quietly in his office in the Netherlands? Are his shareholders worried about the company’s involvement in the financial collapse of Iceland?


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