US Federal service of deposit insurance advanced a claim to Ernst&Young for $548 m

/Kazakhstan today, November 6, 02/ - US Federal service of deposit insurance advanced a claim to Ernst&Young to the amount of $548 m, having accused it of swindle and negligence. About this a correspondent of KZ-today came to know from the message of BBC. According to the BBC's data, the claim was advanced in accordance with auditor's role in bankruptcy of one of its clients - Superior Bank, which was ruined in 2001. In the opinion of American authorities, Ernst&Young overestimated the bank's assets by $270 m and knowingly kept from announcing about the found mistake, being afraid that the scandal could prevent selling of its consulting branch. As the result of Superior Bank's bankruptcy Federal service of deposit insurance spent $750 m in order to save investors' means. In the statement, which was distributed by Ernst&Young, it was noted that the crash of Superior Bank was not a result of the company's actions, and the auditor would insist on its innocence. As it was informed before, in March of 2002 auditor's firms' branches "of the big five" Ernst & Young and Andersen in CIS (Ukraine, Kazakhstan, Azerbaijan, Uzbekistan and Kirgizstan) united their practice. In the opinion of managing partner of the company Andersen on CIS Hans Jochum Horn, "unification of firms will allow us to create the leading practice in the major branch of Middle Asian and Caspian regions - power engineering". Ernst&Young has been working in Kazakhstan since 1999. In 2001 Ernst&Young Kazakhstan LLP became the winner of competition on choosing of independent auditor for National fund of Kazakhstan. During being in Kazakhstan Ernst&Young conducted auditing in NOC Kazakhoil CJSC, bank Caspian, RSE Kazakstan Temir Zholy, Bank TuranAlem, Bank CenterCredit and other. [2002-06-11]