We've written extensively in the past on the Bermuda-based end of the scandal surrounding the IPOC investment fund, KPMG and investigative firm, Diligence. Diligence got caught with its mits in the cookie jar trying to pry sensitive information about an IPOC audit out of KPMG. Kroll, probably the most prominent investigative firm around, was also at least implicated in the back-and-forth clandestine activities between the two sides in the IPOC dispute.

Kroll WAS also active in the matter but not in Bermuda - in Europe. The EU-based accusations (dumpster diving, attempting to access private bank accounts) come from Bernard Meyer-Hauser, chair of a Geneva audit panel charged with making decisions about whether IPOC or the competing Alfa Consortium would end up with the rich prize of OAO MegaFon telecom shares - worth about $2.5 billion. Kroll is currently under investigation by Russian authorities due to their activities in the case.

The back-story here is, well.....complicated. Law.com has an excellent overview of the entire affair, from start to finish. This is required reading.

-- MDT

Labels: Alfa, corporate espionage, Diligence LLC, IPOC, Kroll