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March 14, 2013

SEC stumbles in Deloitte's Chinese audit case

U.S. securities regulators faltered at times in federal court on Wednesday as they sought to convince a judge to force a Chinese unit of audit firm Deloitte to hand over documents in connection with a fraud investigation.

It is unclear whether the Securities and Exchange Commission’s halting performance in U.S. district court could hurt its efforts to pursue fraud investigations into Chinese companies listed on U.S. stock exchanges.

But it raises questions about the agency’s ability to handle the complex and delicate legal matters when it comes to China.

During oral arguments in a U.S. district court, SEC attorney David Mendel was unprepared to answer several questions from Magistrate Judge Deborah Robinson about which federal rules the SEC relied on when it served Deloitte China’s U.S.-based attorney with a subpoena in May 2011.”

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Read full Reuters article here

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