Allied-Lyons FX Loss Subject Of Special Auditor's Report

CORPORATES

A special auditor's report by KPMG Peat Marwick on Allied-Lyon PLS's £147 million loss in writing dollar options has concluded that the British brewing and baking company's troubles were a result of bungling, not fraud, as was the case several years ago when Volkswagen posted dramatic foreign exchange losses.

A letter to shareholders from chairman Sir Derrick Holden-Brown reports that although none of the company's treasury team "acted in a dishonest, corrupt or malevolent way," in the affair

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