Paul Hollway, head of corporate finance with KPMG

The Irish News reports:

“Four senior partners at the Belfast office of global accountancy firm KPMG have been arrested over an alleged tax fraud.”

“…Neither HMRC nor KPMG, which carries out work for Stormont departments as well as leading companies across the north, would confirm the names of the individuals.”

“But it is understood they include the Belfast operation’s chairman Jon D’Arcy, who heads its audit and transaction services team, as well as the firm’s tax practice head Eamonn Donaghy.”

“Mr Donaghy is also chairman of Grow NI, the umbrella group representing business, academic and voluntary organisations in the north committed to the devolution of corporation tax.”

“Also believed to have been detained are Paul Hollway, head of corporate finance at KPMG in Ireland, and Arthur O’Brien, who provides audit and advisory services to clients including the Policing Board.”

“The four men are known to have set up a private investment company in 2005 called JEAP, from the initials of their first names.”

“JEAP invested primarily in property [on both sides of the border], but from 2008 to 2010 racked up £2.8m in losses.

“It is not known if the current investigation relates to the activities of JEAP.”

Meanwhile…

1) KPMG say four partners ‘on administrative leave’ after HMRC visited the Belfast office yesterday in connection with an investigation

— JPCampbellBiz (@JP_Biz) November 26, 2015

2) KPMG add ‘we do not have any indication that this investigation relates to the business of KPMG or the business of our clients’

— JPCampbellBiz (@JP_Biz) November 26, 2015

Four top KPMG accountants arrested over alleged tax fraud (Irish News)

H/T: Namawinelake