Flanders Language Valley Fund (FLV Fund), the Belgian venture capital fund, has accused KPMG of "misstating" and "deliberately ignoring certain facts" surrounding the embezzlement of $30m (€34m) from FLV Fund Korea.
The dismissal of KPMG, the international accountancy and consultancy, as auditor of FLV Fund came at the company's extraordinary general meeting this week following KPMG's refusal to sign off on FLV Fund's accounts. As auditor, KPMG had raised questions over FLV Fund Korea after it emerged that the Belgian fund had discovered fraudulent activity, and had written off $30m on its Korean fund.
