Skip to main content

Sports Direct battles to stop “private” files being handed to regulators

// Sports Direct in court to prevent “private” documents it provided to accountants being handed to regulators
// It is attempting to overturn a High Court ruling from 2018 that ordered it to hand over 40 company documents to the FRC

Sports Direct is currently in a battle to block “private” documents it provided to its accountants being handed over to regulators.

The dispute is part of a court case that is being closely watched by the audit profession.

The Mike Ashley-owned sports goods retailer said maintained that it had a “fundamental right” to keep private legal documents it gave to Grant Thornton and Deloitte in a Court of Appeal hearing on Wednesday.

READ MORE:

Sports Direct is attempting to overturn a High Court ruling from 2018 that ordered it to hand over 40 company documents to the Financial Reporting Council (FRC), the audit regulator.

The FRC took Sports Direct to court so it would have access to the material in relation to its investigation of Grant Thornton’s audit of the business in 2016.

The FRC is investigating whether Grant Thornton signed off on a business arrangement between the retailer and Barlin Delivery, a company owned by Ashley’s older brother John.

In 2018, the judge agreed with the regulator and criticised Sports Direct for “obfuscation and delay verging on obstruction” by refusing to hand over the documents.

Sports Direct has now responded that the documents were covered by legal protection that keeps certain communications between a client and a lawyer confidential.

The documents include emails and faxes Sports Direct exchanged with its lawyers but which were subsequently sent to Grant Thornton, and auditor Deloitte.

Click here to sign up to Retail Gazette’s free daily email newsletter

The post Sports Direct battles to stop “private” files being handed to regulators appeared first on Retail Gazette.



from Retail Gazette https://ift.tt/2ObZezV
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
70 comments
Read more

Sagar Daryani, CEO and Co-founder – Wow! Momo & Saga: From a Kiosk to a Kingdom

Sagar Daryani’s entrepreneurial odyssey from humble beginnings to pioneering success has redefined the landscape of food startups in India. Co-founding Wow! Momo, he has spearheaded the growth of the largest indigenous QSR chain in the country, crafting a remarkable saga of triumph The Genesis: A Visionary Venture Takes Root In 2008, armed with a mere Rs. 30,000 and boundless ambition, Sagar Daryani and Binod Homagai embarked on their entrepreneurial journey while still pursuing their graduation in B.Com Hons from St. Xavier’s College, Kolkata, even before their college results were out. They knew the value for money and boot-strapped to plough back profits and grow their venture. Sagar spearheaded brand expansion, brand creation, and marketing and retail operations. Grew across the city with a strong consumer focus. The early days were hard but keeping track of the money flow was even harder. Believing in the concept of ‘1 rupee saved is 5 rupees earned’, and the lessons they lear...
1 comment
Read more

Homegrown ice cream chain HOCCO to open 250 stores, eyes Rs 400 crore by FY26

Ankit Chona, Founder and Managing Director of HOCCO, delves into the company’s revenue model, growth strategies, and vision for the future… Bengaluru: HOCCO (House of Chonas Collaborative) , the Ahmedabad-based ice cream and quick-service restaurant (QSR) chain, boasts a rich legacy spanning over 70 years, with roots tracing back to pre-independence India. The Chona family has been deeply entrenched in the food industry since 1944, originally operating in undivided Pakistan. Following the Partition, Satish Chona , an engineer with British Overseas Airways Corporation, relocated from Karachi to India. After journeying through multiple cities, he ultimately settled in Ahmedabad, where he established his first QSR outlet in 1953. Three decades later, he expanded into the casual dining segment, launching a restaurant in Baroda while continuing the family’s ice cream manufacturing business. However, in 2017, the company sold its ice cream division to a South Korean firm, shifting its fo...
Post a Comment
Read more