The Norwegian branch of KPMG International was ordered to pay $100 million in damages Friday, after Oslo's district court found that the accounting group was negligent in auditing the books of Finance Credit. KPMG International has said that it will appeal.
Finance Credit's 2003 bankruptcy was one of the worst in the country's history, and it owed about $200 million to eight different banks when it went out of business. The company's founder was sentenced to nine years in prison and ordered to pay $185 million earlier this year, after he was found guilty of fraud, hiding assets and other accounting violations.
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