KPMG resigns as auditor to scandal-hit P&O Ferries

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KPMG has resigned as auditors in P& & Ferries, saying the factors that the scandal-hit company has been delayed in the 222 account has not been addressed and it has done very little work in 2023 accounts.

In a letter filed in the House this week, the Big Four Accounting firm says it will not be able to complete the 2023 audit of the company “in the required standard within the desired schedule of management.

It was said that this is partial because some “drivers” behind the filed of P&O 2022 account. It did not outline the reasons behind the delay in sign in 2022 accounts.

P&O needed to file his 2022 account by September 2023, but multiple entities in the corporate group missed the deadline. The 2022 accounts of P& & Ferry Limited have not been filed until February this year according to the House Fling.

KPMG said in the letter that as a result of the last accounts of P & O 2022, it was only able to perform “very limited work” in 2023 accounts.

The accounting firm says it felt that the reason for its resignation should be brought to the attention of the company’s shareholders or creditors.

P&M has fought in several turbulent years, with the impact on the Covid -1 epidemic, Brexit goods and passenger flow, and political consequences from the controversial dismissal of UK workers in 2022.

The company says the decision to dismiss 5 UK -based crew and replace their cheap agency employees in a flexible contract was governed by its dangerous financial position. P&O’s chief executive Peter Heblthwaite told a parliamentary hearing in 2022 that he deliberately chose the trade unions to “not give advice” to trade unions.

Companies for 2022 have shown accounts published in the House that P&M has received Loans of hundreds of millions of pounds Dubai-based owner to keep it from the DP World.

P&O OO had “violated the agreement in the case of the external debt in the end of 2022”, the accounts said.

The DP World was purchased in P&O 2019, but has been owned by agencies associated with the Dubai government for almost 20 years.

KPMG has refused to comment. P&O says: “We thank KPMG for their services as our auditor. P& & Ferries are focusing on files to file our 2023 accounts as soon as possible.”