The UK’s accounting watchdog is investigating Deloitte LLP’s work on units of Stenn Technologies, the trade-finance firm backed by some of the world’s biggest banks that unraveled last year amid allegations of fictitious transactions.
The Financial Reporting Council is probing several audits carried out by Deloitte and UK accounting firm Azets Holdings on Stenn Assets UK Ltd. and Stenn International Ltd. between 2017 and 2023, according to an emailed statement. The FRC noted that warnings over “suspicious transactions” led the companies to collapse into administration in December.
Stenn attracted backing from investors including Citigroup Inc., BNP ...
