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Accounting: Andersen branch in merger

Poland's competition authority approved the merger Thursday of the Polish subsidiary of troubled US accountancy firm Arthur Andersen with the local office of rival Ernst and Young. "We approved the merger of the Polish subsidiaries of Andersen and Ernst and Young. After the merger they will control 23 percent of the audit market, so there is no fear of a monopoly emerging," Competition and Consumer Protection Office spokeswoman Alina Urban was quoted as saying by PAP news agency. The merged company will operate under the name Ernst and Young and should have an annual turnover of US$100 million, executives said when announcing merger plans in April. Arthur Andersen was convicted by a US federal jury last month of obstruction of justice in connection with spectacular bankruptcy last year of energy trader Enron.
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