Ernst & Young (EY) has dropped its appeal against the United Kingdom’s High Court awarding former partner and whistleblower Amjad Rihan $10.8m (€9.08m) in compensation.
Rihan blew the whistle on how the British-based global accounting giant audited a client suspected of laundering money and smuggling gold.
After raising concerns to his bosses about large sums of cash being paid out by Dubai-based Kaloti Jewellery International and gold bars disguised as silver to avoid trade restrictions, Rihan was forced out of EY, he alleged.
He brought a claim against the company and in April last year a judge found in his favour. EY initially appealed, but has since withdrawn the challenge.
The company said: “We remain disappointed by the trial judge’s decision and by the subsequent refusal of leave to appeal the underlying findings of fact, with which we firmly disagree.
“With such an impediment, we concluded that our appeal on the law, even if successful, no longer merited the time and resources involved.”
Rihan said the company’s decision drew a line under his eight-year legal fight. “I didn’t feel I had a choice. I had to fight for justice,” he was quoted as saying by the Financial Times.
During that time the High Court found the accounting firm had breached its professional duties in the way it handled the 2013 audit of Kaloti.
Register for the latest financial crime news and analysis straight to your inbox