Word: kpmg
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Dates: during 2000-2009
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...with India booming while demand elsewhere stalls, no international beverage company can afford to ignore it. Over the next five years, the Indian market for alcohol is projected to grow at 10% a year - more than in China, the U.S. and Europe combined, according to an estimate by KPMG India. "You've got a sizable population, a growing middle class, a growing economy," says Nigel Fairbrass, a spokesman for SAB Miller, one of the world's largest brewers. "All of that is driving increasing consumption of alcohol products." (See pictures of Diwali, the pan-Indian festival of lights...
...slump has forced them to explore alternatives to the traditional fee-based business model. "We are all looking to create new revenue streams," says Guy Barnett, a Brooklyn Brothers partner. "We need as many business models as we can get." Adds David Elms, a media-industry partner at consultants KPMG: "I understand the logic behind it, and I can see it continuing to happen...
...even the biggest clubs cannot escape financial pressures completely. KPMG, auditors for the parent company of Premier League runners-up Liverpool, warned in accounts published last week that the firm's need to refinance some $575 million in bank loans - debt stemming from the club's 2007 takeover by American investors - amounted to "a material uncertainty which may cast significant doubt on the group's and parent company's ability to continue as a going concern." A deal to roll over the debt is likely; as a storied and well-supported club, Liverpool generates healthy revenues and profits. But difficulty...
...that middle management, often a company's eyes and ears for detecting illicit activity, regularly bears the brunt of redundancies during a slowdown. "When that layer's removed, you've eroded your internal processes which are there to control fraud or misconduct," says Hitesh Patel, fraud-investigation partner at KPMG in London. A key factor in fraud cases during Britain's last recession, in the early 1990s, it amounts to a "change to business strategy, without a change to the business process," says Patel...
...nothing like a nasty bout of recession to flush swindlers out. By digging into their own operations amid the financial squeeze, firms are unearthing historical deception. In 2008, U.K. courts tried individuals for the fraudulent loss of some $450 million at the public and private organizations affected, according to KPMG, three times the amount in 2007. While some of that increase can be put down to wrongdoing prompted by the financial crisis, ongoing fraud uncovered as a result of the recession also played its part. "Companies are restructuring, revising their strategies, trying to preserve their interest, their cash, their asset...