Contracts "too good to be true"
In the final session of the day, the prosecution alleged that Independent’s actuaries Watson Wyatt and its auditors KPMG felt that the three reinsurance contracts that were disclosed at the beginning of March 2001 were “too good to be true”. Consequently, KPMG wrote to Mr Bright and asked for confirmation that these were the only valid reinsurance contracts and that no riders, side terms or other contracts existed.
Mr Bright had signed the letter requested by KPMG on 5 March 2001, the day of the plc board meeting which had been called to sign off the 2000 accounts. According to the prosecution he had signed five
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