BBC News, 9
April 2013
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| Herbalife and Skechers said the claims had nothing to do with their own practices |
In separate
announcements, nutritional products group Herbalife and footwear maker Skechers
said KPMG had resigned.
The FBI's
Los Angeles office is investigating allegations that a former KPMG senior
partner passed inside information to a share trader.
The two
firms said the claims did not call into question their own integrity.
KPMG said
that as soon as the allegations came to light "the partner was immediately
separated from the firm".
It added:
"This individual violated the firm's rigorous policies and protections,
betrayed the trust of clients as well as colleagues, and acted with deliberate
disregard for KPMG's long-standing culture of professionalism and
integrity."
The
development comes at a difficult time for Herbalife, which has been at the
centre of a dispute between well known investors Bill Ackman and Carl Icahn.
Nor does
the issue help the reputation of the accountancy profession, whose auditing
before and during the global financial crisis has come into question.
In 2005,
KPMG paid a fine to settle tax evasion issues with US authorities.
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