Forensic Accounting & Expert Opinion

In a joint venture dispute involving 10 BVI companies with seven years of disorganized records, Mr Elango was engaged by the defendant through Salem Ibrahim LLC to reconstruct the accounts and provide expert evidence.

The completed work, which was validated by a third-party expert and cross-referenced with Ernst & Young's review, was deemed reliable. The court found no intentional fund diversion by the defendant, dismissing the plaintiff’s claims.

The defendant was awarded with indemnity costs, including certification for two counsels, one being a Senior Counsel. This highlights the value of forensic accounting in resolving complex financial disputes.

We were engaged to determine the loss caused by the accountant’s misappropriation of $1.2 million over three financial years. A whistleblower revealed the fraud, leading us to analyze the accounts and quantify the losses.

Our report was accepted by IRAS, allowing the loss as a deductible expense, and the insurance company approved claims under fidelity insurance. The matter escalated to the High Court, where the plaintiff sought damages against auditor for negligence.

Our report found the auditor liable for two of the three years, supporting the plaintiff's successful claim. However, the court held that the directors bore some responsibility as mentioned in our findings, leading to adjustments in liability. This case highlights the importance of forensic accounting in fraud detection and legal proceedings.