Gupta auditor fined £326k for ‘egregious’ lack of objectivity

Regulator fines and bans audit firm King & King and owner partner for audit and ethics failures on work for multiple Gupta owned companies, including Liberty Steel

The Financial Reporting Council (FRC) has slapped a six-figure fine on the lead partner at King & King Ltd for ‘egregrious’ failures linked to the audits of a string of companies owned by the Gupta Family Group (GFG) Alliance.

After a three-year investigation, the Financial Reporting Council has issued a a six-figure personal disgorgement sanction, a further personal penalty and a severe reprimand to Milan Kumar Patel, the lead audit partner and director of King & King audit firm in London.

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