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Sportswear retailer Sports Direct is fighting an order to hand over “private” documents to the UK’s accounting watchdog.
According to a report by the Financial Times (FT), the retailer is attempting to overturn a High Court ruling from 2018 which ordered it to submit 40 company documents to the Financial Reporting Council (FRC).
According to reports, the FRC attempted to gain access to the documents in relation to its investigation of Grant Thornton’s audit of Sports Direct in 2016 by taking the retailer to court.
The FRC’s investigation focused on whether Grant Thornton signed off on a business arrangement between Sports Direct and Barlin Delivery, which was not disclosed in the retailer’s accounts.
However, the retailer, which is owned by Mike Ashley, said it had a “fundamental right” to the documents it sent to Grant Thornton and Deloitte.
Retail Sector has contacted the FRC, BDO and Sports Direct for comment.
