Deloitte's UK Boss Should Step Down

12.00.00am GMT Tue 13th Jan 2004

Liberal Democrat Shadow Treasury Minister and member of the Treasury Select Committee, Norman Lamb MP, today called on the UK chief executive of the auditors Deloitte & Touche to step down after it was revealed that he had been slammed by the accountancy watchdog over his role in the Barlow Clowes investment affair.

John Connolly has been senior partner and chief executive of Deloitte's UK operation since 1998. However, three years earlier the official report into Barlow Clowes said that his 'professional efficiency, conduct and competence ... fell below the standard that should be displayed by, and may properly be expected of, a chartered accountant who is the second partner on work done and services provided as reporting accountants.'

Deloitte themselves are currently embroiled in the multi-million Euro scandal surrounding the accounts of the Italian food giant Parmalat, which it audited.

Commenting, Norman Lamb said: "In terms of restoring confidence both generally and in terms of Deloitte, it seems to me that Mr Connolly's position is no longer tenable. For someone in charge of their UK operation to have been so heavily-criticised by a financial watchdog seems extraordinary."