Barclays is suing Grant Thornton after it declared that Von Essen Hotels was in “good health.” The claim for damages states that the accountancy firm acted negligently and caused damages when it signed off Von Essen accounts from 2006. Barclays lent £250 million (US$310.5 million) to the hotel group.
“As a large professional services firm, there are inevitably occasions where we become involved in legal claims,” said a representative for Grant Thornton in a statement. “Naturally, our obligations of confidentiality mean that we cannot comment on the existence or detail of any litigation in which the firm might be involved.”
The last set of accounts signed off by Grant Thornton for Von Essen’s parent company, showed revenues up 6% to £71.5 million (US$88.9 million) and operating profits of £11.5 million (US$14.3 million).
News of Barclay’s lawsuit comes a month after Vincent Tchenguiz brought a £2.2 billion ($US2.7 billion) suit against Grant Thornton, Kaupthing Bank and others for alleging that they conspired to instigate the Serious Fraud Office’s failed investigation into him. Tchenguiz accepted £3 million (US$3.7 million) plus costs to settle the case.