KPMG case will turn on Lehman JV agreement

Author: | Published: 2 Dec 2009

As Thai police issue summonses to three KPMG partners responsible for liquidating Lehman Brothers, attention has turned to Lehman’s joint venture agreement with the complainant, Destination Properties.

According to reports, Destination Properties alleges that certain assets held by the JV were sold off by the liquidators when they should have become property of Destination because Lehman had breached its investment obligations. IFLR sources say Destination has applied for an injunction against the sale, which has been adjourned to allow the liquidators to present their case.

The injunction, and...