Nose142 described how Cape Town businessman Russell Burnett had been put through the wringer by Deloitte: a Deloitte partner messed up a valuation of a business Burnett bought in 2002,
|Jacqui and Russell Burnett|
but instead of admitting the mistake and making right the financial loss incurred by Burnett, the auditing giant forced him to litigate for years, and when the matter came to trial in March – revealing that Deloitte documents had been destroyed and disks had gone missing – Burnett described the devastating effect Deloitte’s intransigence had had on him, both personally and financially, and said how appalled he was that not a single Deloitte partner had even bothered to attend the trial.
The matter was adjourned until August this year. On 25 July Noseweek subscribers (including Deloitte) received their copies of the magazine. On that very same day we received word that Deloitte had settled with Burnett. We don’t know the terms of the deal (there are always confidentiality provisions, but Burnett’s claim was just short of R1.2 million), although you wonder why these things always have to come
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