FRC: Sushovan Hussain, former CFO of Autonomy Corporation plc
27 Nov 2018 12:00 PM
The Financial Reporting Council (FRC) announces that the Formal Complaint against Sushovan Hussain, former Chief Financial Officer of Autonomy Corporation plc, has been stayed, pending the outcome of his intended appeal against his conviction on 16 counts of fraud in the United States District Court for the Northern District of California.
Mr Hussain has consented to an order suspending him from membership of the Institute of Chartered Accountants in England and Wales (ICAEW) until the Formal Complaint against him can be heard.
The Order for Stay dated 2 November 2018, Interim Order and Report of the Tribunal in relation to the Interim Order, both also dated 2 November 2018, have been published.
The other Formal Complaints in relation to Autonomy Corporation plc, announced on 31 May 2018, are unaffected by the stay actions involving Mr Hussain.
Autonomy IO Statement of Reasons
Notes to editors:
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- Tribunal hearing
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The criteria are specified in paragraph 5(1) of the Accountancy Scheme. A Member or Member Firm shall be liable to investigation under this Scheme only where, in the opinion of the Conduct Committee the matter raises or appears to raise important issues affecting the public interest in the United Kingdom and there are reasonable grounds to suspect that there may have been Misconduct or it appears that the Member or Member Firm has failed to comply with any of his or its obligations under paragraphs 14(1) or 14(2) of the Scheme.
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