Sushovan Hussain, former CFO of Autonomy Corporation plc
27 November 2018
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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- Decision to investigate
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- Tribunal hearing
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Under the Accountancy Scheme the FRC can start a disciplinary investigation in one of two ways: (i) the professional bodies can refer cases to the FRC; and (ii) the FRC may decide of its own accord to investigate a matter. The Conduct Committee will consider each case identified or referred to it and decide whether or not the criteria for an investigation are met.
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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