Ian Thompson

Practice Areas

Forensic Accounting

Financial Investigations

Asset Recovery

Career

Ian Thompson is a Senior Managing Director in the FTI Consulting Forensic and Litigation Consulting practice and is based in London. He is a member of the cross-practice Europe, Middle East and Africa leadership team, with responsibility for quality and risk management. For over 25 years, Ian has undertaken expert witness work in litigation, arbitration and expert determination, as well as investigations, compliance, insolvency, auditing, due diligence and corporate finance work.

Ian has worked full-time on forensic engagements for more than 20 years and is generally instructed in relation to accounting issues, allegations of financial irregularity and/or financial distress. He has extensive experience of offshore matters having led FTI Consulting's BVI office for three years.

Ian first gave oral evidence in 2005 and has done so in various forums; namely the High Court in London, the Commercial Court in the BVI and (remotely) the ICC in Paris. He has been cross-examined for as long as two days, in cases with claim values as high as $2 billion. He has been cross-examined by top-ranked KCs.

Experience

Ian was instructed as an accounting expert in a high-profile fraud claim brought by an Eastern European bank. He analysed four years of transactional data for more than a hundred of the bank’s corporate customers, which was an immense and highly complex undertaking. He prepared a vast matrix of calculations to assist the Court, which identified the quantum of the bank’s claim under thousands of different permutations of disputed legal and accounting matters. He also provided expert guidance on many accounting issues relating to the claim, including the application of International Financial Reporting Standards in the bank’s financial statements (e.g. IAS 39, IAS 21 and IAS 8), and the significance of the audit opinions given thereon. Seven reports were prepared, and oral evidence was given in court.

Ian was instructed as an accounting expert in the context of a post-acquisition dispute between two FX businesses in which the acquiring company alleged that the acquired company had a significant shortfall on client money accounts. Numerous accounting reconciliations were reviewed, and several individuals were interviewed. It transpired that the differences identified were likely to be timing differences rather than the alleged shortfall. These findings were used in an expert determination, which found in favour of his clients.

Ian was instructed as an accounting expert on a complex matter relating to an alleged Ponzi scheme involving two investment funds trading in FX. This involved collating, processing and analysing a large volume of financial information from over 50 bank accounts which had been provided in a piecemeal fashion. This was followed by a cash tracing exercise to establish how funds had been applied. Two reports were prepared, and oral evidence was given in court.

Ian was instructed as an accounting expert in a joint venture dispute relating to the acquisition of downstream oil and gas assets in Africa. This involved detailed analysis of General Ledger transactions and supporting documentation, and the reconciliation of complex accounting data. Two reports were prepared, and oral evidence was given at arbitral tribunal.

Ian was instructed in an advisory capacity in relation to costs incurred under a Joint Operating Agreement in respect of an African joint venture in which an oil major had an interest. This involved assessing whether the costs had been incurred in accordance with the Accounting Procedure and verifying that the allocation of costs between that and other projects in the region had been correctly calculated.

Ian was instructed as an accounting expert in an Eastern European case which required complex tracing amid allegations that certain construction projects were fraudulent. He gave oral evidence and was described by the judge as both providing “invaluable assistance” and as an expert “in which the Court can have confidence.” The judge also wrote, “Mr Thompson, in particular, provided a detailed analysis of the relevant money flows in certain appendices which…were relied upon extensively by both sides at trial.”

Ian was instructed as an accounting expert in another Eastern European case which required complex tracing amid allegations of misappropriation following the dissolution of a joint venture. He gave oral evidence and was described by the judge as having given “extraordinarily careful attention to the matter.” Both the judge and opposing counsel accepted a key part of his evidence.

Ian was seconded to the former Department of Trade and Industry in the UK, where he undertook numerous company investigations. 12 companies were wound up in the public interest and two directors were disqualified. In relation to one such case, Ian was described by the judge as “in all respects a careful, reliable and truthful witness.”

Education

Awards