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Arcadia owner will not launch legal action on BHS report publication

Arcadia owner Taveta Investments has said it has not considering an appeal, after an attempt to block publication of the BHS audit report was rejected.

The report, from the Financial Reporting Council (FRC), is thought to be critical of Arcadia’s accountancy practices and could be published this week, after a judge ruled that the FRC could publish.

Taveta had initially sought to block the publication of the report via an interim injunction and judicial review, but this request was rejected. Mr Justice Nicklin, the judge making the ruling, noted that much of what was included in the report was in the public interest, but noted that full publication from the FRC risked being defamatory to Taveta staff.

Taveta has said that it will “vigorously defend any claims or allegations” made in the report. A spokesman for Taveta said: “Taveta’s sole concern was (and remains) to be given a fair opportunity to respond, prior to publication, to those parts of the FRC’s report which unnecessarily criticise Taveta and which were so clearly based on a partial and inaccurate view of the facts.”

The Financial Reporting Council said it “will consider the detailed judgment before we publish our report. We hope to do this as soon as possible in the public interest.”

Readers' comments (1)

  • He’s on to a loser either way. Going through the courts to hide the truth is going to get well reported.

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