Stoy Hayward set for Astra inquiry
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.STOY HAYWARD, the accountancy firm, faces investigation over its role in the collapse of Astra, the munitions company involved in the Iraqi Supergun scandal, and a likely inquiry into its part in the failure of Asil Nadir's Polly Peck.
The inquiries were expected to be announced yesterday by the Joint Disciplinary Scheme, which represents the main accountancy bodies in Britain and investigates serious complaints against members. However, the JDS said there would be a delay while it considered 'representations' about the Polly Peck investigation.
The Department of Trade and Industry last year produced a report criticising the way Astra was run and advised.
Stoy Hayward, unhappy with the way the English institute has handled the Polly Peck case, said while it had had lengthy discussions about the affair it had not made the latest representations.
The move comes just days after the JDS was dealt a blow by a House of Lords ruling that its investigation of Price Waterhouse's role in the collapse of Bank of Credit and Commerce International would have to wait until a civil action brought by the bank's liquidators, Touche Ross, had been completed.
The decision, which makes a JDS inquiry unlikely before the end of the decade, is based on the finding that the BCCI case is exceptional.
Brian Harris, secretary to the JDS's executive committee, has warned that accountants should not be misled into thinking that any disciplinary proceedings would be halted on the filing of a writ.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments