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Local MP calls for KPGM investigation
November 24, 2009 4:00 PM
Following the news that consultants KPMG are earning 1 million a month managing the assets of the former Dunfermline Building Society, local MP Willie Rennie has called for an investigation into the fees.
The consultants have earned the fees (over £500 an hour) while selling off the assets of Scotlands leading former building society. On top of its fees, KPMG notched up £121,822 in expenses, including a £42,000 hotel bill, after taking over as administrator in March.
Commenting Rennie: "I raised concerns with the Government at the time of the break up about the fees and the role of KPMG. However, the rate of return to the consultants is astonishing. I have written to the Chancellor to urge him to undertake an inquiry into the fees paid.
'It's outrageous that just when we are all being asked to tighten our belts because of the recession KPMG are exploiting the taxpayer like this.
'We also need to know if Government Ministers approved such fees. Can this really be judged as value for money?'
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